Can anyone please help, Is this correct?

2. Assuming Dash Spencer LLP owed a duty of care to the Booster Bank, did Dash Spencer, LLP breach that duty of care? In determining whether breach occurred, make sure to perform the following accounting analysis: a. Recreate the journal entry that Circuit Board Framework (CBF) made when it sold the stock to Easy Exchange. How much gain was recognized on the sale of the stock? How much cash inflow did this transaction create for CBF? b. Calculate the present value of the note receivable using a 15% interest rate. Using the present value of the note as the only economic benefit received, recalculate the gain or loss on the transaction. - CBF carried the investment at $6,600,000. - The stock was sold to Easy Exchange for $10,000,000. - This resulted in a gain of $3,400,000. - Instead of receiving cash, CBF received a non-interest-bearing note due in 5 years for $10,000,000. The journal entry CBF would have made is: Gain Recognized: The gain recognized on the sale of the stock is $3,400,000. Cash Inflow: As mentioned in the narrative, the transaction did not result in any immediate cash inflow for CBF since they received a non-interest-bearing note due in 5 years. To calculate the present value of the note receivable using a 15% interest rate, we'll use the formula for the present value of a single sum: PV=FV/(1+i)n Where: - PV is the present value - FV is the future value, which is $10,000,000 - i is the interest rate, which is 15% or 0.15 - n is the number of periods, which is 5 years So, the present value of the note receivable is approximately $4,812,821. Recalculate the Gain or Loss on the Transaction: The economic benefit CBF received (using the present value of the note) is $4,812,821, while the book value of the investment was $6,600,000