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C is corrent. Brown’s 14% incremental borrowing rate is significantly higher than the stated rate of 6%. Therefore, the stated rate is unreasonable and the acquisition should not be recorded at the face value ($800,000) of the note. The cost of the aircraft is the present value of the note and stated interest payments discounted at 14% or the fair market value of the aircraft, whichever is more clearly evident. Since the aircraft has an established cash price of $651,460, this amount is an appropriate basis for recording the transaction.
A is incorrect. Brown’s 14% incremental borrowing rate is significantly higher than the stated rate of 6%. Therefore, the stated rate is unreasonable and the acquisition should not be recorded at the face value ($800,000) of the note. The cost of the aircraft is the present value of the note and stated interest payments discounted at 14% or the fair market value of the aircraft, whichever is more clearly evident. Since the aircraft has an established cash price of $651,460, this amount is an appropriate basis for recording the transaction. 
A is incorrect. Brown’s 14% incremental borrowing rate is significantly higher than the stated rate of 6%. Therefore, the stated rate is unreasonable and the acquisition should not be recorded at the face value ($800,000) of the note. The cost of the aircraft is the present value of the note and stated interest payments discounted at 14% or the fair market value of the aircraft, whichever is more clearly evident. Since the aircraft has an established cash price of $651,460, this amount is an appropriate basis for recording the transaction. 
D is incorrect. Brown’s 14% incremental borrowing rate is significantly higher than the stated rate of 6%. Therefore, the stated rate is unreasonable and the acquisition should not be recorded at the face value ($800,000) of the note. The cost of the aircraft is the present value of the note and stated interest payments discounted at 14% or the fair market value of the aircraft, whichever is more clearly evident. Since the aircraft has an established cash price of $651,460, this amount is an appropriate basis for recording the transaction.