The anont Company included the following in its notes receivable as of December 311 22: Note receivable from sale of land F ssopoo Note receivable from consultation 1,2,llt} Note receivable from sale of equipment 1,6,{lllt} In connection with your audit1 you were able to gather the following transactions during 21520 and other information pertaining to the companst notes receivable: [I On January 1: 22: Mormont Company sold a tract of land. The land purchased 1t] years ago. was carried on lv'lorrnont Company's books at a value of . Monnont received a noninterestbearing note for E. The note is due on December 31: 2021. There is no readily available market value for the land, but the current market rate of interest for comparable notes is 1cm. On January 1 , 21320, lv'lonnont Company nished consultation services and accepted in exchange a promissory note with a face value of 1:2UG_DUEIJ a due date of December 31: 2622, and a stated rate of 5%: with interest receivable at the end of each year. The fair value of the services is not readily determinable, and the note is not readily marketable. Under the circumstances, the note is considered to have an appropriate imputed rate of interest of 1%. On January 1r 2D2tl: lvtonnont Company sold equipment with a canying amount of t to X Company. As paymentr I gave Mamont Company a 2,4,{l{l note. The note bears an interest rate of 4% and is to be repaid in three annual installments of B, (plus interest on the outstanding balance]. The rst payment was received on December 31: 202D. The market price of the equipment is not reliany determinable. The prevailing rate of intenest for notes of this type is 14%