Question
On January 1, 2016, Crouser Company sold land to Chad Company, accepting a 2-year, $150,000, non-interest-bearing note due January 1, 2018. The fair value of
On January 1, 2016, Crouser Company sold land to Chad Company, accepting a 2-year, $150,000, non-interest-bearing note due January 1, 2018. The fair value of the land was $126,252.00 on the date of sale. Crouser purchased the land for $105,000 on January 1, 2010.
Required:
the journal entries on Crouser's books for January 1, 2016, through January 1, 2018, in regard to the Chad note.
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Cost Management
Authors: Don R Hansen, Maryanne M Mowen, Dan L Heitger
5th Edition
357141091, 978-0357141090
