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Current Attempt in Progress Cullumber Company sells land with a book value of...

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Accounting

Current Attempt in Progress
Cullumber Company sells land with a book value of $143750 to Marin Corp. in exchange for a $230000 zero-interest-bearing note payable in 3 years. The market rate of interest for a transaction of this nature for Marin is 8%. The present value of 1 at 8% for 3 years is 0.7938 and the present value of an ordinary annuity of 1 at 8% for 3 years is 2.5771. If the sale occurred on January 1 and the fiscal year ends on December 31, the journal entry amount for interest revenue at the second year using the effective-interest method (rounded to the nearest dollar) is
$15774.
$14606.
$15815.
$14750.
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