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 sale. The company purchased the land for $120,000 on January 1, 2013.

Required: Prepare all the journal entries on Crousers books for January 1, 2019, through January 1, 2021, in regard to the Chad note. **Utilize Present Value Tables

1a. Prepare all the journal entries on Crousers books for January 1, 2019 and December 31, 2019 in regard to the Chad note... (3 entries required)

1b. Prepare the journal entry on Crousers books for December 31, 2020 in regard to the Chad note... (1 entry required)

1c. Prepare the journal entry on Crousers books for January 1, 2021 in regard to the Chad note. (1 entry required)

CHART OF ACCOUNTS Crouser Company General Ledger

ASSETS 111 Cash 121 Accounts Receivable 125 Notes Receivable 141 Inventory 152 Prepaid Insurance 162 Discount on Notes Receivable 171 Land 181 Equipment 189 Accumulated Depreciation

LIABILITIES 211 Accounts Payable 231 Salaries Payable 250 Unearned Revenue 261 Income Taxes Payable

EQUITY 311 Common Stock 331 Retained Earnings

REVENUE 411 Sales Revenue 431 Interest Income 436 Gain on Sale of Land

EXPENSES 500 Cost of Goods Sold 511 Insurance Expense 512 Utilities Expense 521 Salaries Expense 532 Bad Debt Expense 540 Interest Expense 541 Depreciation Expense 559 Miscellaneous Expenses 910 Income Tax Expense

Thank you so much!!