Question: On July 1 , 2 0 2 4 , Apache Company, a real estate developer, sold a parcel of land to a construction company for

On July 1,2024, Apache Company, a real estate developer, sold a parcel of land to a construction company for $4,200,000. The book value of the land on Apaches books was $1,800,000. Terms of the sale required a down payment of $300,000 and 13 annual payments of $300,000 plus interest at an appropriate interest rate due on each July 1 beginning in 2025

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