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On july 1 2013 apache company sold a parcel of undeveloped

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On July 1, 2013, Apache Company sold a parcel of undeveloped land to a construction company for $3,100,000. The book value of the land on Apache's books was $1,240,000. Terms of the sale required a down payment of $124,000 and 24 annual payments of $124,000 plus interest at an appropriate interest rate due on each July 1 beginning in 2014. Apache has no significant obligations to perform services after the sale.

Reference no: EM13588266

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