On January 1, 2024, a company acquired land for $7.2 million. The company paid $1.7 million in cash and signed a 6% note requiring the company to pay the remaining $5.5 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?

7.8 million

6.6 million

7.2 million

5.5 million