A company issued a noninterest-bearing note payable due in 1 year in exchange for land. Which of the following statements is true concerning the accounting for the transaction? The land should be recorded at the future value of the note, and interest should be imputed at the prevailing rate on similar notes. Interest on the note should be imputed at the prevailing rate for similar notes, and the land should be recorded at the present value of the note. No interest should be recognized on the note, and the land should be recorded at the present value of the note. Interest on the note should be imputed at the prime rate, and the land should be recorded at the discounted value of the