On July $1,2024,$ Apache Company, a real estate developer, sold a parcel of land to a construction company for $$3,330,000.$ The book value of the land on Apache$$s books was $$1,480,000.$ Terms of the sale required a down payment of $$370,000$ and $8$ annual payments of $$370,000$ plus interest at an appropriate interest rate due on each July $1$ beginning in $2025.$