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 $123,966.90 on the date of sale. Crouser purchased the land for $110,000 on January 1, 2010.

Prepare all the journal entries on Crousers books for January 1, 2016, through January 1, 2018, in regard to the Chad note.