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

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