[gustavomorales]

I thought I knew the answer to this question. Either I am crazy or Becker has an error. I want a third party opinion:

Based on the information provided below, prepare the necessary year end adjusting journal entry.
The company accepted a three year $500,000, 12 percent note receivable on November 1, Year 5, in exchange for land sold to a local park district. Interest payments will be received quarterly.