Rosie Robotics has been experiencing significant financial difficulties in recent times. On December 31st, 2017, a...

   

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Rosie Robotics has been experiencing significant financial difficulties in recent times. On December 31st, 2017, a $200,000, 10-year, 5% notes payable was due to Copper City Bank that Rosie Robotics did not have the means to repay. Copper City Bank agreed to accept a 20-acre tract of land in exchange for full settlement of this loan obligation. Rosie Robotics incurred the following costs related to the land: Purchase Cost Demolition of Old Building on Property $ 180,000 20,000 Cost of Clearing, Draining, and Filling 20,000 Cost of Building a Fence Around the Property 10,000 Part One Assuming the land currently has a fair value of $175,000, record the journal entry on Rosie Robotics books to settle this debt via the transfer of this asset to Copper City Banking. 31-Dec Rosie Robotics has been experiencing significant financial difficulties in recent times. On December 31st, 2017, a $200,000, 10-year, 5% notes payable was due to Copper City Bank that Rosie Robotics did not have the means to repay. Copper City Bank agreed to accept a 20-acre tract of land in exchange for full settlement of this loan obligation. Rosie Robotics incurred the following costs related to the land: Purchase Cost Demolition of Old Building on Property $ 180,000 20,000 Cost of Clearing, Draining, and Filling 20,000 Cost of Building a Fence Around the Property 10,000 Part One Assuming the land currently has a fair value of $175,000, record the journal entry on Rosie Robotics books to settle this debt via the transfer of this asset to Copper City Banking. 31-Dec

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To record the journal entry on Rosie Robotics books to settle the debt with Copper City Bank by tran... View the full answer