Question: On January 1 , 2 0 2 4 , Phuo, a cash basis taxpayer, pays $ 8 0 , 6 6 1 for a 3

On January 1,2024, Phuo, a cash basis taxpayer, pays $80,661 for a 36-month certificate. The certificate is priced to yield 8%(the effective interest rate) with interest compounded annually. No interest is paid until maturity.
How much income does Phuo recognize in 2025? In your computations, round any amounts to the nearest dollar.

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