December, 2018 In this case, a company called CBF was carrying a stock for $6,600,000 which they sold to Easy Exchange for $10,000,000, booking a gain on the transaction for $3,400,000 But in exchange, CBF accepted a discounted note due in 5 years instead of cash. Their journal entry was made using the face value: However, since notes receivable due is more than a year are required to be carried out using the present value, the correct journal entry would be: The present value was calculated using a 15% interest rate. Based on the corrected journal entry using the present value, I need to adjust the 2018 income statement. The original income statement given was: Circuit Board Framework (CBF) Income Statements For the four years ended December 31, 2018 Assume that the 2017, 2016, and 2015 statements are accurate