On July $1,20$x$2,$ Latisha's Land Company, a real estate developer, sold a parcel of land to

Carlito's Construction Company for $$4,000,000.$ The book value of the land on Latisha's books

was $$1,200,000.$ Terms of the sale required a that Carlito sign a note payable. Terms of the note

require a down payment of $$200,000$ and $19$ annual payments of $$200,000$ plus interest at an

appropriate interest rate due on each July $1$ beginning in $203.$

a$.$ List all of the performance obligations in the contract.

b$.$ Prepare Latisha's journal entry for the transaction.