On January 1, 2016, Tabor Company sold land with a book value of $50,000 to Wilson Company, accepting a $60,000 note, payable in three $20,000 annual installments beginning December 31, 2016. The note carried no stated interest rate and the fair values of the land and the note were not determinable. An appropriate interest rate for this note is 12%. Required:
Prepare the journal entries on Tabor’s books to record (1)
I need the discount on the note
Note Receivable 60k
Loss on Sale of Land x
discount on notes receivable x
land 50k
part 2
Prepare the journal entries on Tabor’s books to record the annual interest income and receipt of each $20,000 installment.

R& m chatelaine is one of the largest tax-preparation firms in the united states. it wants to acquire the tax experts, a smaller rival. after the merger, chatelaine will be one of the two largest income-tax preparers in the u.s. market. what should chatelaine include in its acquisition plans? it should refocus its attention from the national to the international market. in addition to acquiring the tax experts, it should also determine the best way to drive independent "mom and pop" tax preparers out of business. chatelaine will need to explain to the federal trade commission how the acquisition will not result in an increase in prices for consumers. chatelaine should enter a price-based competition with its other major competitor to force it out of business and become a monopoly.