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Taft Inc. borrowed $1,000,000 from Wilson Company on July 2, year 8.
Taft Inc. borrowed $1,000,000 from Wilson Company on July 2, year 8. As part of the loan agreement, Taft granted Wilson a security interest in land that originally cost $750,000 when it was acquired by Taft in year 1. The land had a fair value of $900,000 on July 2, year 8. In June year 9, Taft defaulted on its loan to Wilson, and the land was transferred to Wilson in full settlement of the debt on June 30. The land had a fair value of $950,000 on June 30, year 9. What amount should Wilson record for land on June 30, year 9?