Miles Corporation sold land to South Ridge Inc. for $200,000 cash and a zero interest-bearing note with a face amount of $600,000. The fair value of the land at the date of sale was $690,000. What value should be assigned to the note receivable by South Ridge?
A. $590,000
B. $600,000
C. $400,000
D. $490,000
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Miles Corporation sold land to South Ridge Inc. for $200,000 cash and a zero interest-bearing note w...
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