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On January 1, 2020, Alvin Corp. sold property to Marvin Ltd., for which Alvin had originally...

On January 1, 2020, Alvin Corp. sold property to Marvin Ltd., for which Alvin had originally paid $ 570,000. There was no established exchange price for this property. Marvin gave Alvin a $ 900,000, zero-interest-bearing note, payable in three equal annual instalments of $ 300,000, with the first payment due December 31, 2020. The note also has no ready market. The market rate of interest for a note of this type is 10%.

To the nearest dollar, and using the effective-interest method, prepare the journal entries for Marvin Ltd. for 2020

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