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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Related Book For  answer-question

Intermediate Accounting

ISBN: 978-0324300987

10th Edition

Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones

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