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 $110,000 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.

Please keep in mind the number of spaces in the journal, they all need to be filled.

1a. Prepare all the journal entries on Crouser's books for January 1, 2019 and December 31, 2019 in regard to the Chad note. General Journal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT