The building had a fair market value of 78353 on the date , Ask an Expert

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Prepare any journal entries (if necessary) that would be required related to the Note Receivable at the end of 2009, 2010, 2011, and 2012.
RadioHead Development Co. sold a building to ColdPlay Co. as a restaurant site on Jan 1, 2009. RadioHead accepted in exchange a five-year note having a maturity value of $100,000 and no stated interest rate. The building originally cost RadioHead $80,000 and had correctly recorded accumulated depreciation of $10,000 as of the date of the sale. The building had a fair market value of $78,353 on the date of the sale.

Prepare any journal entries (if necessary) that would be required related to the Note Receivable at the end of 2009, 2010, 2011, and 2012.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M9430895

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