Sylvester corporation sold land having a fair market value

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Reference no: EM13609308

Sylvester 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. Sylvester purchased the land for $800,000 ten years ago. The customer purchasing the land from Sylvester would normally be required to pay 9% interest.

A.) Record the sale on Sylvester's books.

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

Reference no: EM13609308

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