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On January 1, Year 1, Mill Co. exchanged equipment for a $200,000 noninterest bearing note due on January 1, Year 4. The prevailing rate of interest for a note of this type at January 1, Year 1, was 10%. The present value of $1 at 10% for three periods is 0.75. What amount of interest revenue should be included in Mill's Year 2 income statement?
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