On January $1,2024,$ a company acquired land for $$6\mathrm{.}8$ million. The company paid $$1\mathrm{.}5$ million in cash and signed a $6\%$ note requiring the company to pay the remaining $$5\mathrm{.}3$ million plus interest on December $31,2025.$ An interest rate of $6\%$ properly reflects the time value of money for this type of loan agreement. For what amount should the company record the purchase of land?

Multiple Choice

$$6\mathrm{.}2$ million

$$5\mathrm{.}3$ million

$$6\mathrm{.}8$ million

$$7\mathrm{.}4$ million