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On July 1, 2017, Sandhill Inc. made two sales. 1. It sold land having a fair value of $906,700 in exchange for a4-year zero-interest-bearing promissory
On July 1, 2017, Sandhill Inc. made two sales.
1. | It sold land having a fair value of $906,700 in exchange for a4-year zero-interest-bearing promissory note in the face amount of $1,376,436. The land is carried on Sandhill books at a cost of $593,200. |
2. | It rendered services in exchange for a4%,8-year promissory note having a face value of $401,380 (interest payable annually). |
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