Basic FAR Question

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    gustavomorales
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    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.

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