4. On Aug. 1, 2000, the Sorenson Corp. sold a piece of land that had originally cost $200,000, receiving in return a note that calls for a single payment of $500,000 in five years. Required: (a) Record the sale of this land, assuming that the fair value of the land is not known, but the market rate on this type of loan is assumed to be 12%; (b) record the sale of this land, assuming that the fair value of the land is $310,460; and (c) determine the interest rate that you would use to amortize the discount related to this note in parts (a) and (b) above?