This year, company B sold land for a non-interest bearing note. The note calls for annual payments of $30,000 for 4 years. The payments will begin one year from the date of the sale. An appropriate rate of interest for this type of note is 7%. The land had an original purchase cost of $100,000. 
Create the  journal entry.

Answer rating: 100% (QA)

The journal entry for Company Bs sale of land for a noninterest bearing note would involve recognizi... View the full answer