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Question - RadioHead Development Co. sold a building to ColdPlay Co. as a restaurant site on Jan 1, 2009. RadioHead accepted in exchange a five-year note having a maturity value of $100,000 and no stated interest rate. The building originally cost RadioHead $80,000 and had correctly recorded accumulated depreciation of $10,000 as of the date of the sale. The building had a fair market value of $78,353 on the date of the sale
Based on the above information prepare the journal entry to record the sale of the building on Jan 1, 2009.
Fill in the lettered blanks to complete the cost of goods sold sections.
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