Presented below are two independent situations: (a) On January 1, 2020, Teal Inc. purchased land that had an assessed value of $322,000 at the time of purchase. A $558,000, zero-interest-bearing note due January 1, 2023, was given in exchange. There was no established exchange price for the land, nor a ready fair value for the note. The interest rate charged on a note of this type is 12%. Determine at what amount the land should be recorded at January 1, 2020, and the interest expense to be reported in 2020 related to this transaction. (Round answers to 0 decimal places, e. g. 38,548.) Land to be recorded at January 1, 2020
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Presented below are two independent situations: (a) On January 1, 2020, Teal Inc. purchased land tha...
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