iowa development (id) company made the following land sales and had the following cash collections: 2008: sold altoona land for $2,000,000 that cost id $1,200,000. the land agreement required payments of $1,000,000 within one week of occupancy of the land, and the other $1,000,000 in 2009. id received the $1,000,000 payment. 2009: sold boone land for $2,400,000 that cost id $1,200,000. the land agreement required payments of $800,000 within one week of occupancy of the land and additional payments of $800,000 in 2010 and 2011. id received the $800,000 payment, and also a $500,000 payment from altoona land. assume id cannot estimate uncollectible accounts accurately and recognizes revenue using the installment method. required: prepare journal entries to record the sale, cash collections, and recognition of gross profit (if appropriate) in 2008 and 2009.
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