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Please help I think i did this right already but im only 80% sure BACKGROUND On January 1, 20Y8, Crabb & Co. sold land to

image text in transcribedimage text in transcribedPlease help I think i did this right already but im only 80% sure

BACKGROUND On January 1, 20Y8, Crabb & Co. sold land to ASP, Inc. and accepted a two-year, $500,000 face value note as payment. 6% interest is due each December 31. ASP's market rate of borrowing is 12%. Crabb originally purchased the land for $80,000 in 20Y1. REQUIRED Answer the following questions regarding the exchange. Round all amounts to the nearest whole dollar. 4. How does this transaction affect Crabb & Co.'s balance sheet on the date of the exchange? Please include account names, dollar values, and whether the account increased or decreased. Assets Liabilities Equity CHAPTER 7 HANDOUT - NOTES RECEIVABLE | PAGE 1

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