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On January 1, 2017, Chase sold land to Run Company, accepting a 3-year $220,000 noninterest-bearing...

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On January 1, 2017, Chase sold land to Run Company, accepting a 3-year $220,000 noninterest-bearing note due January 1, 2020. The fair value of the land is $156,238. The land was originally purchased for $132,500 on January 1, 2012. An appropriate rate of interest for a note of this caliber is 14%. Required: Prepare all the journal entries in Chase's books for the January 1, 2017 through January 1, 2020, in regards to the Run

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