In 2015, Hart Company purchased land for $75,000 for future expansion. The market collapsed causing Hart to sell the land for $100,000 on credit. Due to the issues associated with current market conditions Hart used the cost recovery method for the sale. The cash collections were $25,000, $45,000, and $30,000, respectively.
Required:
Prepare the journal entries for each year.

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The Answer of In 2015, Hart Company purchased land for $75,000 for future expansion. The market collapsed causing Hart to sell the land for $100,000 on credit. Due to the issues associated with current market conditions Hart used the cost recovery method for the sale. The cash collections were $25,000, $45,000, and $30,000, respectively.
Required:
Prepare the journal entries for each year.

In 2015, Hart Company Purchased Land for $75,000 for Future