Calgary Developments Inc. sold a parcel from its inventory of land to Larson Corporation on June 1 , 2 0 2 2 . In exchange, Larson Corporation signed a 4 - year promissory note with annual interest payments. Other information pertaining to this transaction follows: 8 marks Cost of the land to Calgary Developments Inc. $ 4 5 , 1 9 1 Face value of the note $ 1 3 0 , 2 0 0 Larson Corporation typically borrows funds at the following rate 8 % The promissory note requires annual interest payments at the following rate 1 0 % Larson Corporation will make interest payments on May 3 1 of each year. Calgary Developments follows IFRS and has a year end of May 3 1 . Required: 1 . Calculate the present value of the note and prepare the journal entries for Calgary Developments to account for the sale of the land. ( 4 marks ) 2 . Prepare an amortization schedule for the note. ( 2 marks ) 3 . Prepare journal entries for Calgary Developments on May 3 1 , 2 0 2 6 . ( 2 marks )