On January 1, 2007 Crouser Company sold land to Chad Company, accepting a two-year, $150,000 non-interest-bearing note
Question:
On January 1, 2007 Crouser Company sold land to Chad Company, accepting a two-year, $150,000 non-interest-bearing note due January 1, 2009. The fair value of the land was $123,966.90 on the date of sale. The company purchased the land for $120,000 on January 1, 2001.
Required
Prepare all the journal entries on Crouser Company’s books for January 1, 2007 through January 1, 2009 in regard to the Chad Company note.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (17 reviews)
2007 Jan 1 Notes Receivable 15000000 Gain on Sale of Land 12396690 12000000 396690 Discount on ...View the full answer
Answered By
Rashul Chutani
I have been associated with the area of Computer Science for long. At my university, I have taught students various Computer Science Courses like Data Structures, Algorithms, Theory of Computation, Digital Logic, System Design, and Machine Learning. I also write answers to questions posted by students in the area of and around Computer Science.
I am highly fortunate to receive great feedback on my teaching skills that keeps me motivated. Once a student sent me an email stating that I had explained to him a concept better than his professor did.
I believe in the fact that "Teaching is the best way to learn". I am highly fascinated by the way technology nowadays is solving real-world problems and try to contribute my bit to the same.
Besides tutoring, I am a researcher at the Indian Institute of Technology. My present works are in the area of Text Summarization and Signal and Systems.
Some of my achievements include clearing JEE Advanced with an All India Rank of 306 out of 1.5 million contesting candidates and being the Department Ranker 1 at my University in the Department of Computer Science and Engineering.
I look forward to providing the best Tutoring Experience I can, to the student I teach.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
Question Posted:
Students also viewed these Accounting questions
-
On January 1, 2010, Crouser Company sold land to Chad Company, accepting a two-year, $150,000 non-interest-bearing note due January 1, 2012. The fair value of the land was $123,966.90 on the date of...
-
On January 1, 2013, Crouser Company sold land to Chad Company, accepting a 2-year, $150,000 non-interest-bearing note due January 1, 2015. The fair value of the land was $123,966.90 on the date of...
-
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 $123,966.90 on the date of...
-
LO 1,3 SPREADSHEET 1: Total net income: $20,600 1: Total assets: $45,000 Preparation and Interpretation of Financial Statements P9. Bachino's Pizza's accounts follow. The company has just completed...
-
Why do you think variable costing has also been called direct costing?
-
Let Y have a chi-square distribution with 15 degrees of freedom. Find the following probabilities. (a) P (Y y0) = 0.025 (b) P (a < Y < b) = 0.95 (c) P (Y 22.307).
-
Explain how investors use ratios to evaluate long-term liabilities.
-
The income statement for Rhino Company for the current year ended June 30 and balances of selected accounts at the beginning and the end of the year are as follows: Prepare the Cash Flows from...
-
Assume that you manage a $100 million mutual fund that has a beta of 1.05 and a 9.50% required return.The risk-free rate is 4.00%. You now receive another $60 million, which you invest in stocks with...
-
Your company is considering acquiring a private company (New Co., Inc.). The CFO has asked you to review the financial statements, look for key trends, and develop financial/operational questions to...
-
On January 1, 2007 the Billips Corporation purchased equipment having a fair value of $72,054.94 by issuing a $90,000 note, payable in three $30,000 annual installments beginning December 31, 2007....
-
On January 1, 2007 Worthylake Company sold used machinery to Brown Company, accepting a $25,000 non-interest-bearing note maturing on January 1, 2009. Worthylake Company carried the machinery on its...
-
(a) Prove that if x iy is a complex conjugate pair of eigenvectors of a real matrix A corresponding to complex conjugate eigenvalues iv with v 0, then x and y are linearly independent real...
-
What are the pivotal factors influencing the successful implementation of transformative initiatives within complex organizational structures ? Explain
-
What does Anibal Quijano's "Coloniality and Modernity/Rationality" tell us about state violence in Latin America and the Southern Cone in recent years? What parts of Quijano's perspective shed light...
-
Based on Carvana Inc., what is a likely investment it would consider and why? Be sure to describe the basic features of the investment as a foundation for considering its potential financial impact.
-
What are the implications of cultural pluralism and multiculturalism for organizational identity and cohesion, and how can entities leverage cultural heterogeneity as a source of creative tension and...
-
Discuss the ethical consderariion relayed to the use of information rechnology for organizational control how can organization ensure responsibility and transparent?
-
Calculate the profitability of each of BLPs five subsidiaries. (Because BLP is Belgian, perform the calculations in terms of euros, which Belgium began using as its national currency in 2002.) Are...
-
What are the key dimensions of critical thinking 2. Watch the NBC Learn video on Diet Scams. What types of claims are made in this video Are they valid Elaborate on your responses. Discuss this video...
-
Identify three questions an owner might ask and seek to answer during the feasibility stage of a new housing development project.
-
What are the reporting issues in a sale and buyback agreement?
-
What is the nature of a sale on consignment?
-
What is the nature of a sale on consignment?
-
1 Required information [ The following information applies to the questions displayed below. ] Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the...
-
Exercise 1 1 - 1 3 A ( Algo ) Recording and reporting treasury stock transactions LO 1 1 - 5 The following information pertains to JAE Corporation at January 1 , Year 1 : JAE Corporation completed...
-
Please give the journal entry for each transaction. Thanks!!!
Study smarter with the SolutionInn App