On january 1, 2014, foster company sold property to agler company which originally cost foster $570,000. there was no established exchange price for this property. agler gave foster a $900,000 zero-interest-bearing note payable in three equal annual installments of $300,000 with the first payment due december 31, 2014. the note has no ready market. the prevailing rate of interest for a note of this type is 10%. using the effective-interest method for amortizing premium or discount, what is the amount of interest expense that should be recognized by agler in 2014?

Slimwood corporation made sales of $ 725 million during 2018. of this amount, slimwood collected cash for $ 670 million. the company's cost of goods sold was $ 300 million, and all other expenses for the year totaled $ 400 million. also during 2018, slimwood paid $ 420 million for its inventory and $ 285 million for everything else. beginning cash was $ 110 million. carter's top management is interviewing you for a job and they ask two questions: (a) how much was carter's net income for 2018? (b) how much was carter's cash balance at the end of 2016? you will get the job only if you answer both questions correctly.