4.Troubled debt A Company E has an unpaid note for $60,000 on January 1, 2011. The note was written at 9% annual interest. There is also accrued unpaid interest of $6,000. Company E transfers a piece of land to the bank in partial satisfaction of the note. The land has a cost of $16,000 and a market value of $18,000. The bank reduces the loan by the value of the land and agrees to forgive the accrued interest. The bank then requires four annual future payments of $13,500, due each December 31, starting on December 31, 2011