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Prepare all journal entries in Chase books for January

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Reference no: EM132832413

Question - On January 1, 2017 Chase sold land to Run Company, accepting a 3-year $200,000 non-interest-bearing note due January 1, 2018. The fair value of the land is $146,238. The land was originally purchased for $133,500 on January 1, 2010. An appropriate rate of interest for a note of this caliber is 11%.

Required - Prepare all the journal entries in Chase's books for the January 1, 2017 through January 1, 2018, in regards to the Run note.

Reference no: EM132832413

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