Sale of an old factory building to another company


On July 1, 2007 QMP Company accepted a note receivable in the amount of $882,000 for the sale of an old factory building to another company. The note carries an annual interest rate of 5% and provides for annual payments of $147,000 plus interest beginning on July 1, 2008 and ending on July 1, 2013. All payments due as of December 31, 2010 have been paid.

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Accounting Basics: Sale of an old factory building to another company
Reference No:- TGS065456

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