Create the journal entry to record the sale of the building

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Reference no: EM13140822

RadioHead Development Co. sold a building to ColdPlay Co. as a restaurant site on Jan 1, 2009. RadioHead accepted in exchange a five-year note having a maturity value of $100,000 and no stated interest rate. The building originally cost RadioHead $80,000 and had correctly recorded accumulated depreciation of $10,000 as of the date of the sale. The building had a fair market value of $78,353 on the date of the sale

Based on the above information prepare the journal entry to record the sale of the building on Jan 1, 2009.

Reference no: EM13140822

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