On January $1,2020,$ BKK Motor Company enters into a contract to sale a van to Black Company for $1,600,000$ baht, and its cost is $1,000,000$ baht. Black paid down payment of $600,000$ baht and will pay for the van over two years in quarterly installments with the first payment due at March $31,2020.$ BKK Motor charges normally interest rate of $15\%$ for installment sales.

In March $2021,$ Black Company is affected by Covid $19.$ It cannot pay the remaining debt. So$,$ the van is confiscated by BKK Motor on March $31,2021,$ and its fair value is $500,000$ baht.