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How much will debited or credited to reorganization account

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Question - XYZ Inc is going through a reorganization and will do an exchange of its bonds after discussions with lenders. It currently has $145,857 of 9.43% debenture bonds outstanding. These bonds will have their coupon interest adjusted down to 3.49%, which is far below the current interest rates. The present value of the future cash payments discounted at the correct market rate today amounts to $134,919. In the journal entry to record this exchange, how much will be debited or credited to the Reorganization Account?

Reference no: EM133140288

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