On January 1, 2017 Chase sold land to Run Company, accepting a 3-year $200,000 non-interest-bearing note due
January 1, 2018. The fair value of the land is $146,238. The land was originally purchased for $136,500 on January 1,
2010. An appropriate rate of interest for a note of this caliber is 11%.
Required:
Prepare all the journal entries in Chase's books for the January 1,2017 through January 1,
2018, in regards to the Run note.

Question

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The Answer of On January 1, 2017 Chase sold land to Run Company, accepting a 3-year $200,000 non-interest-bearing note due
January 1, 2018. The fair value of the land is $146,238. The land was originally purchased for $136,500 on January 1,
2010. An appropriate rate of interest for a note of this caliber is 11%.
Required:
Prepare all the journal entries in Chase's books for the January 1,2017 through January 1,
2018, in regards to the Run note.

On January 1, 2017 Chase Sold Land to Run Company