On January 1, 2007 Crouser Company sold land to Chad Company, accepting a two-year, $150,000 non-interest-bearing note
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On January 1, 2007 Crouser Company sold land to Chad Company, accepting a two-year, $150,000 non-interest-bearing note due January 1, 2009. The fair value of the land was $123,966.90 on the date of sale. The company purchased the land for $120,000 on January 1, 2001.
Required
Prepare all the journal entries on Crouser Company’s books for January 1, 2007 through January 1, 2009 in regard to the Chad Company note.
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2007 Jan 1 Notes Receivable 15000000 Gain on Sale of Land 12396690 12000000 396690 Discount on ...View the full answer
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