What is the balance in the discount account

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On August 1, 20X1, Evermore Ltd. borrowed money by issuing a one-year non-interest-bearing note with a stated maturity amount of $36,000. Currently interest rates are at 4%. No amount is paid on the note until its maturity date in 20X2. The company accounts for the discount on its notes payable in a separate account. In the blank box below, please provide the amount asked for (when entering amounts please do not use commas, negative signs or dollar signs or cents - please round your answer to the nearest dollar).

Question 1: What is the balance in the discount account that will be reported on the company's statement of financial position on December 31, 20X1?

Reference no: EM132652471

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