On January 1, 2013, Crouser Company sold land to Chad Company, accepting a 2-year, $150,000 non-interest-bearing note due January 1, 2015. 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, 2007.

Required:

Prepare all the journal entries on Crouser's books for January 1, 2013, through January 1, 2015, in regard to the Chad note.