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On January 1, 2016, Crouser Company sold land to Chad Company, accepting a 2-year, $150,000, non-interest-bearing note due January 1, 2018. The fair value of the land was $128,600.85 on the date of sale. Crouser purchased the land for $120,000 on January 1, 2010.
Problem 1: Prepare all the journal entries on Crouser's books for January 1, 2016 and December 31. 2016 in regard to the Chad note.
There are a lot of ways how to manipulate financial statement, and for all of them there is mostly only one reason - to create a picture of profitable company with good financial statement.
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