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Question - This year, the company sold land for a non-interest bearing note. The note calls for annual payments of $20,000 for 4 years. The payments will begin one year from the date of the sale. An appropriate rate of interest for this type of note is 5%. The land had an original purchase cost of $75,000. The CFO told the accounting department to record the sale as follows:
Notes Receivable $80,000
Land $75,000
Gain on Sale of Land $ 5,000
Required - Was this entry correct? If not, provide the correct entry.
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