Brightskies Corp has a $3$ year note payable with a balance of $$500,000$ with ABC Company that pays $10\%$ interest. Due to financial difficulties, ABC has agreed to accept a $$400,000,2$ year, zero interest, note payable and land with a fair value of $$95,000$ and book value of $$80,000$ in satisfaction of the accounts payable. Record the exchange of the notes payable for the accounts payable on the books of Brightskies. Brightskies$$s normal borrowing rate is $10\%.$