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What amount should lane corp record for unearned revenue

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Question - On May 1, 2021, Lane Corp., a commercial real estate company, bought a parcel of land for $185,000. 2 months later, on July 1, 2021, Lane entered into a contract to sell the land to Pane Inc., which has an Aa long-term credit rating from Moodys, for $250,000. On August 1, 2021, Lane received 40% of the transaction price in cash along with a 4% note for the balance. The first payment on the note, plus accrued interest, is due December 1, 2021.

A) In its 2021 income statement, how much revenue should Lane report from the sale of commercial real estate?

B) On August 1, 2021, what amount should Lane Corp. record for unearned revenue of the unexecuted portion of the contract?

Reference no: EM133024107

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