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Prepare journal entry on Pearl books for debt restructure

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Reference no: EM132909467

Question - Pearl Co. owes $216,100 to Martinez Inc. The debt is a 10-year, 11% note. Because Pearl Co. is in financial trouble, Martinez Inc. agrees to accept some land and cancel the entire debt. The property has a book value of $88,400 and a fair value of $143,600.

Required -

(a) Prepare the journal entry on Pearl's books for debt restructure.

(b) Prepare the journal entry on Martinez's books for debt restructure.

Reference no: EM132909467

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