on may 31 2017 debden ltd a land development company sold land to grindstone inc for 16000000 the sale agreement required that grindstone pay/

Required:
a. How much revenue should Debden recognize as a result of its sale of the land to Grindstone? Prepare the journal entry that Debden should prepare to record the sale. Assume a discount rate of 14 percent.
b. How much interest revenue will be reported on Debden’s income statement for the years ended May 31, 2018, 2019, and 2020 as a result of the sale to Grindstone? Prepare the journal entry that should be prepared each year to record the interest revenue.
c. How much would be reported as receivable from Grindstone on Debden’s balance sheets for the years ended May 31, 2017, 2018, 2019, and 2020? How would the receivable be classified on each year’s balance sheet? Explain your answer.
d. Suppose Debden insisted on recognizing $16,000,000 as revenue in 2017. What would be the implications for users of its financial statements? Why might Debden’s management want to report the full $16,000,000 immediately?