On December 31, 2013, Kissimmee Co. paid $50,000 to the Sunshine Bank to pay off the face value of a discount note that Kissimmee had issued a year before. Show the effects of the payment and recognition of 2013 interest on the note.

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The Answer of On December 31, 2013, Kissimmee Co. paid $50,000 to the Sunshine Bank to pay off the face value of a discount note that Kissimmee had issued a year before. Show the effects of the payment and recognition of 2013 interest on the note.