On January $1,2024,$ a company acquired land for $$6\mathrm{.}6$ million. The company paid $$1\mathrm{.}4$ million in cash and signed a $6\%$ note requiring the company to pay the remaining $$5\mathrm{.}2$ million plus interest on December $31,2025.$ An interest rate of $6\%$ properly reflects the time value of money for this type of loan agreement. For what amount should the company record the purchase of land? $$7\mathrm{.}2$ million

$$6\mathrm{.}6$ million

$$6\mathrm{.}0$ million

Incorrect

$$5\mathrm{.}2$ million

answer is not $6$ mil. make sure you do this right a lot are doing this problem wrong.