Question: On March 2 2 , 2 0 2 4 , Sean Thornton Industries purchased land for $ 9 . 6 million. Thornton paid $ 2

On March 22,2024, Sean Thornton Industries purchased land for $9.6 million. Thornton paid $2.9 million in cash and signed a 6% note requiring the company to pay the remaining $6.7 million plus interest on December 31,2026. An interest rate of 6% properly reflects the time value of money for this type of loan agreement.
For what amount should Thornton record the purchase of land?

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