on march 31 2016 bellburn land development ltd bellburn sold a piece of land to the city for 5000000 the com pany determined that it wouldnt be/

Required:
a. How much revenue should Bellburn recognize in the year ended March 31, 2016 from the sale of the land? Prepare the journal entry that Bellburn would make to record the sale.
b. What amount would be reported on Bellburn’s March 31, 2016 balance sheet for accounts receivable as a result of the sale of the land? How would the receivable be classified on the balance sheet? Explain your answer.
c. How much interest revenue should Bellburn report on its March 31, 2017 and 2018 income statements from the sale of the land? Prepare the journal entry that Bellburn would make to record the interest revenue each year. What amount would be shown as receivable on Bellburn’s March 31, 2017 and 2018 balance sheets? How would the receivable be classified on the balance sheet each year?
d. What journal entry would Bellburn make when it received payment in full on April 3, 2018?
e. Suppose that instead of being an interest free arrangement, the city agreed to pay 10 percent interest per year, payable on March 31 each year. What amount of rev enue should Bellburn recognize in fiscal 2016?