On January $1,2017,$ Train, Inc. accepted an $$80,000,$ non$-$interest bearing $3$ year note in exchange for equipment it sold to Steam Company. Train originally purchased the equipment for $$125,000,$ and it had a book value of $$75,000$ on the date of the sale. The note was non$-$interest$-$bearing. An assumed $11\%$ interest rate is implicit in the agreement. Actual information for $11\%,$ three periods, follows:

$$

Present value of $1$

$0\mathrm{.}73119$

Present value of annuity of $1$

$2\mathrm{.}44371$

$$

$$

Refer to Exhibit $13-03.$ What amount should Train record for the discount on Notes Receivable?

a$.$

$$58,495$

b$.$

$$16,505$

c$.$

$$21,505$

d$.$

$$0$