On January 1, 2020, Bramble Corporation acquired the following properties: 1. 2. Investment property consisting of land and an apartment building in Toronto for $1.5 million. To finance this transaction, Bramble Corporation issued a five-year interest-free promissory note to repay $2,307,941 on January 1, 2025. Vacant land in Rome, Italy for $4 million. To finance this transaction, Bramble Corporation obtained a 7% mortgage for the full purchase price, secured by the land, with a maturity date of January 1, 2030. Interest is payable annually. If Bramble Corporation borrowed this money from the bank, the company would need to pay 9% interest.