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Prepare journal entries on Tabor books to record the sale

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Problem - Note Receivable in Installments On January 1, 2019, Tabor Company sold land with a book value of $50,000 to Wilson Company, accepting a $60,000 note, payable in three $20,000 annual installments beginning December 31, 2019. The note carried no stated interest rate and the fair values of the land and the note were not determinable. An appropriate interest rate for this note is 12%.

Required -

1. Prepare the journal entries on Tabor's books to record the sale.

2. Prepare the journal entries on Tabor's books to record the annual interest income and receipt of each $20,000 installment.

Reference no: EM132887894

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