On January 1, 2020, the Woods Company purchased land and gave a $30,000 cash down-payment and a zero-interest bearing, four-year $240,000 note. The note is payable in four annual installments of $60,000 each. Each installment is due on December 31^st, with the first installment due on December 31, 2020. At the time of the issuance of the note the market interest rate was 3%.

Required: For what amount would the Woods Company record the land on its books at January 1, 2020?