On June 1, 2023, Tesla Corporation approached Gates Corporation about buying a parcel of undeveloped land. Gates was asking \$240,000 for the land and Tesla saw that there was some flexibility in the asking price. Tesla did not have enough money to make a cash offer to Gates and proposed to give, in return for the land, a $300,000, five-year promissory note that bears interest at the rate of 4%. The interest is to be paid annually to Gates on June 1 of each of the next five years. Gates insisted that the note taken in return become a mortgage note. Tesla accepted the amended offer, and Tesla signed a mortgage note for $300,000 due June 1,2028. Tesla would have had to pay 10% at its local bank if it were to borrow the cash for the land purchase. Gates, on the other hand, could borrow the funds at 9%. Both Tesla and Gates have calendar year ends. Discuss how Tesla would determine a value for the land in recording the purchase from Gates. What is the difference between a promissory note payable and a mortgage note payable? Why would Gates insist on obtaining a mortgage note payable from Tesla? Using (1) factor tables, (2) a financial calculator, or (3) Excel function PV, calculate the purchase price of the land and prepare an effective interest amortization table for the term of the mortgage note payable that is given in the exchange. Prepare the journal entry for the purchase of the land. Prepare any adjusting entry that is required at the end of the fiscal year and the first payment made on June 1,2024 , assuming no reversing entries are used