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 $105,000 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.

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