On January 1, 2019, Crouser Company sold land to Chad Company, accepting a 2-year, $150,000, non-interest-bearing note due January 1, 2021. The fair value of the land was $126,252.00 on the date of sale. The company purchased the land for $105,000 on January 1, 2013. Required: Prepare all the journal entries on Crouser’s books for January 1, 2019, through January 1, 2021, in regard to the Chad note.
On January 1, 2019, Crouser Company sold land to Chad Company, accepting a 2-year, $150,000, non-interest-bearing note due January 1, 2021. The fair value of the land was $126,252.00 on the date of sale. The company purchased the land for $105,000 on January 1, 2013. Required: Prepare all the journal entries on Crouser’s books for January 1, 2019, through January 1, 2021, in regard to the Chad note.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable
Section: Chapter Questions
Problem 11P
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On January 1, 2019, Crouser Company sold land to Chad Company, accepting a 2-year, $150,000, non-interest-bearing note due January 1, 2021. The fair value of the land was $126,252.00 on the date of sale. The company purchased the land for $105,000 on January 1, 2013.
Required:
Prepare all the |
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