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.

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 1b. Prepare the journal entry on Crouser's books for December 31, 2020 in regard to the Chad note. General Journal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1c. Prepare the journal entry on Crouser's books for January 1, 2021 in regard to the Chad note. General Journal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 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 1b. Prepare the journal entry on Crouser's books for December 31, 2020 in regard to the Chad note. General Journal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1c. Prepare the journal entry on Crouser's books for January 1, 2021 in regard to the Chad note. General Journal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT