On April 1, 2023 Blo. Inc. receives a 6-year $60,000 nute in exchange for a parcel of land. The cost of the land was 435,000. Neither the market rate the fair value of the land can be determind. Notes of fimilar rust Carry a 12%, imputed rate of interct. The financial Year end Dec. 51. d Gaoon

1. what is the present value of note

2. There was (gain/loss) on sale ot land of

- On Apil 1, 2023 Blo. In recerves a 6-year $60,000 nute in exchange for a parcel of land. The cost of the land was \$35,000. Neitlor the market rate nor the fair value of 16 land can be determind. Notoo of amilar rest carry a 12\%, imputed rate of inteces. The financial Year end Aec. s1