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On January 2, 2016, Jay’s Junkets sold land in exchange for a $ 550,000 zero-interest bearing note due December 31, 2019. The land was originally purchased in 2011 for $ 365,000. The interest rate charged on notes of this type is 12%. (Hint: calculate the present value of the note; see class example E7-16.)
1. Prepare the 01/02/16 journal entry.
2. What account(s) and amount(s) would be reported on a 2016 year-end income statement?
3. What account(s) and amount(s) would be reported on a 2016 post-closing trial balance for the note?
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