Problem 5 On January 1, 2020, Krupa Inc. purchased land that had an assessed value of $350,000, at the time of purchase. A $550,000, zero-interest-bearing note due January 1, 2024, was given in exchange. There was no established exchange price for the land, nor a ready fair value for the note. The interest rate charged on a note of this type is 7% a. Determine at what amount the land should be recorded at January 1, 2020. b. Determine the interest expense to be reported in 2020 related to this transaction