USA Sale of Land Entry with 20% down payment


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I work for a non profit that has various land holdings that we sell from time to time. Up until now all my entries for selling land have been straight forward. Take the value of the land of the books, debit cash, and recognize the gain or loss. We just sold land but in this case they are only paying 20% right now and will be paying the remaining amount over time but there is no schedule and we are charging them 7% interest. In any event it must all be paid to us by 2022. I will be accruing the interest earned but I'm not sure how to book the sale since we have only got 20% of the money so far. Any advice?
 
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kirby

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Use the installment sales method. There are lots of articles on it on the web to guide you.
 

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