On July 1, 2020, Bonita Inc. made two sales. 1. It sold land having a fair value of $915,580 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,440,678. The land is carried on Bonita's books at a cost of $598,400.
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The LaGrange Corporation had the following budgeted sales for the first half of the current year: Cash Sales Credit Sales January $ 80,000 $ 180,000 February $ 85,000 $ 200,000 March $ 48,000 $ 160,000 April $ 43,000 $ 128,000 May $ 53,000 $ 230,000
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