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On January 1, 2024, a company acquired land for $6.2 million. The company paid $1.2 million in cash and signed a 6note requiring the company

On January 1, 2024, a company acquired land for $6.2 million. The company paid $1.2 million in cash and signed a 6note requiring the company to pay the remaining $5 million plus Interest on December 312025. An interest rate of 6% properly reflects the time value of money for this type of loan agreementWhich of the following would be recorded on December 31, 2025, the date of final payment

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