Note receivable from sale of division $5,000,000 Note receivable from officer 677,000 Transactions during 2017 and other information relating to Culver's long-term receivables were as follows. 1. The $6,000,000 note receivable is dated July 1, 2015, bears interest at 8%, and represents the balance of the consideration received from the sale of Culver Green division to California Company Principal payments of $1,000,000 plus appropriate interest are due on July 1, 2016 through 2021. Principal and interest payment was made on July 1, 2016 and 2017. Collection of the note installments is reasonably assured. 2. The $677,000 note receivable is dated October 1, 2016, bears interest at 6%, and is due on October 1, 2020. The note is due from the president of Culver Inc. and is collateralized by 20,000 shares of Culver common stock. Interest is payable annually on October 1, and all interest payments were paid on their due dates through December 31, 2017. The quoted market price of Culver common stock was $45 per share on December 31, 2017. 3. On April 1, 2017. Culver sold a patent to Porto Company in exchange for a $279,000 zero-interest-bearing note due on April 1.2020. There was no established exchange price for the patent, and the note had no ready market. The prevailing rate of interest for a note of this type at April 1, 2017, was 13%. The patent had a carrying value of $11,160 at January 1, 2017, and the amortization for the year ended December 31, 2017, would have been $1.116. The collection of the note receivable from Porto is reasonably assured. 4. On March 1, 2017, Culver sold a parcel of excess land to SizeCo for $136,200 under an installment sale contract. SizeCo made a $27.240 cash down payment on March 1, 2017, and signed a 4-year 10% note for the $108,960 balance. The equal annual payments of principal and interest on the note will be $34,374 payable on March 1, 2018, through March 1, 2021. The land could have been sold at an established cash price of $146,200. The cost of the land to Culver was $51,200. Circumstances are such that the collection of the installments on the note is reasonably assured. Prepare the long-term receivables section of Culver's balance sheet at December 31, 2017. (Round present value factor calculations o 3 decimal places, eg. 15.216 and final answers to 0 decimal places, e.g. 5,125.) CULVER INC. Long-Term Receivables Section of Balance Sheet December 31, 2017 Note receivable from sale of division $ 4000000 Note receivable from officer 677000 Note receivable from sale of patent Installment contract receivable Total long-term receivables $