(Answered) Corporation sold land having a fair market value of 1400000

Accounting

Corporation sold land having a fair market value of $1,400,000 in exchange for a 10 year non-interest bearing promissory note in the face amount of $3,022,488. Corporation purchased the land for $800,000 ten years ago. The customer purchasing the land from Corporation would normally be required to pay 9% interest.

Record the sale on Corporation's books.

Prepare any adjusting entry required at the end of the first year.

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