Current Attempt in Progress On January 1, 2023, Sunland Corp. sold property to Marvin Ltd., for...

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Current Attempt in Progress On January 1, 2023, Sunland Corp. sold property to Marvin Ltd., for which Sunland had originally paid $570,000. There was no established exchange price for this property. Marvin gave Sunland a $928800, zero-interest-bearing note, payable in three equal annual instalments of $309600, with the first payment due December 31, 2023. The note also has no ready market. The market rate of interest for a note of this type is 9%. The present value of a $928800 note payable in three equal annual instalments of $309600 at 9% is $783688. To the nearest dollar, and using the effective interest method, how much interest revenue should Sunland recognize in 2023? O $83592 O $0 O $70532 O $27864 Save for Later Attempts: 0 of 1 used Submit Answer Current Attempt in Progress On January 1, 2023, Sunland Corp. sold property to Marvin Ltd., for which Sunland had originally paid $570,000. There was no established exchange price for this property. Marvin gave Sunland a $928800, zero-interest-bearing note, payable in three equal annual instalments of $309600, with the first payment due December 31, 2023. The note also has no ready market. The market rate of interest for a note of this type is 9%. The present value of a $928800 note payable in three equal annual instalments of $309600 at 9% is $783688. To the nearest dollar, and using the effective interest method, how much interest revenue should Sunland recognize in 2023? O $83592 O $0 O $70532 O $27864 Save for Later Attempts: 0 of 1 used Submit Answer

Answer rating: 100% (QA)

ANSWER To calculate the interest revenue that Sunland should recognize in 2023 w... View the full answer