On january 1 2010 crabb amp co. sold land to chiles inc. in, Ask an Expert

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On January 1, 2010, Crabb & Co. sold land to Chiles, Inc. in exchange for a note with a maturity value of $500,000. The note is due December 31, 2012 and interest is owed each December 31 at a rate of 6%. Chiles' market rate of borrowing is 12%. Crabb originally purchased the land for $80,000 in 1978.

What is the fair market value of the land?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M948277

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