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Prepare journal entry on gordons books for debt settlement

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Question - At December 31, 2019, Gordon Stores owes 199,800 to Centurion Company plus unpaid interest for 2019. The debt is a 10-year, 10% note. Because Gordon is in financial trouble, Centurion agrees to accept some building (original cost of 120,000) and cancel the entire debt. On the date of restructuring, the building has a carrying amount of 90,000 and a fair value of 140,000.

Required - Prepare the journal entry on Gordon's books for debt settlement.

Reference no: EM132546902

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