3) On November 1, 2017, Salem Corporation sold land priced at $900,000 in exchange for a 6%, six-month note receivable. a) The journal entry made by Salem to record this transaction on November 1, 2017, includes: A) A debit to Notes Receivable of $927,000. B) A debit to Interest Receivable of $27,000. C) A credit to Interest Revenue of $27,000. D) A debit to Notes Receivable of $900,000. b) Salem's balance sheet at December 31, 2017, includes which of the following as a result of the sale of land on November 1? A) Notes Receivable of $900,000 and Interest Receivable of $9,000. B) Notes Receivable of $927,000 and Interest Receivable of $9,000. C) Notes Receivable of $900,000 and Interest Receivable of $27,000. D) Notes Receivable of $900,000 only. c) On May 1, 2018 (maturity date), the note is collected in full by Salem Corporation. Assuming a fiscal year-end of December 31, Salem recognizes which of the following in its income statement for 2018 with regard to this note? A) $927,000 sales revenue. B) $27,000 interest revenue. C) $18,000 interest revenue. D) $9,000 interest revenue