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Crouser company sold land to chad company

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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.

Reference no: EM13871393

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