This year, the company sold land for a non-interest-bearing note. The note calls for annual payments of $40,000 for 5 years. The payments will begin one year from the date of the sale. An appropriate rate of interest for this type of note is 5%. The land had an original purchase cost of $90,000. The CFO told the accounting department to record the sale as follows: Notes Receivable $200,000 Land $90,000 Gain on Sale of Land $ 110,000 Was this entry correct? If not, provide the correct entry.