On January 1, 20Y8, Crabb & Co. sold land to ASP, Inc. and accepted a 2 year, $500,000 face value note as payment. 6% interest is due each December 31. ASP's market rate of borrowing is 12%. Crabb originally purchased the land for $80,000 in 20Y1. REQUIRED Answer the following questions regarding the exchange. Round all amounts to the nearest whole dollar. 1. Was the note issued at a discount or a premium? 2. What is the fair market value of the land at the date of exchange? I need to find the fair market value using the present value tables