On January 1, 2010, Crouser Company sold land to Chad Company, accepting a two-year, $150,000 non-interest-bearing note due January 1, 2012. 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, 2004.

Required
Prepare all the journal entries on Crouser Company's books for January 1, 2010 through January 1, 2012, in regard to the Chad Company note.