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Question - Indigo Co. owes $185,700 to Sweet Inc. The debt is a 10-year, 11% note. Because Indigo Co. is in financial trouble, Sweet Inc. agrees to accept some land and cancel the entire debt. The property has a book value of $82,600 and a fair value of $140,800.
Required -
(a) Prepare the journal entry on Indigo's books for debt restructure.
(b) Prepare the journal entry on Sweet's books for debt restructure.
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