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On January 1, 2023, Bold Corporation sold land that originally cost $700,000. Bold accepts a $1,250,000 zero-interest bearing note from the buyer. The note is

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On January 1, 2023, Bold Corporation sold land that originally cost $700,000. Bold accepts a $1,250,000 zero-interest bearing note from the buyer. The note is due on December 31, 2030. The buyer normally borrows funds of this type at 7% interest. Prepare the journal entries to record the sale of the land on January 1, 2023 and any necessary entry on December 31, 2023, Bold's fiscal year end

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