Mariner’s Marina provided services to Betty Lou’s Boats in J…

Mariner’s Marina provided services to Betty Lou’s Boats in January of 2024 in exchange for a $65,000,  4% interest bearing notes receivable due in four years.   Betty Lou’s Boats typically borrows funds at a rate of 8% (effective rate of interest for this note).  What is the total increase to net income for the year 2024 related to this transaction?  (Hint: consider both the impact from the sales transaction in January and the interest journal entry at the end of 2024.  Assume interest is paid at the end of each year).  Betty Lou’s Boats uses the effective interest method.  You can use the tables below, spreadsheet application, or your calculator.  Round your answer to the nearest whole dollar. 4-periods PV(1) PV(OA) PV (AD) FV(1) 8%                          0.735030                          3.312127                          3.577097                          1.360489 4%                          0.854804                          3.629895                          3.775091                          1.169859