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Prepare the journal entries for Boonville

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Reference no: EM132888911

Problem - Troubled Debt Restructuring (Debtor)-Equity and Asset Exchange - On January 1, 2019, Boonville Corporation is delinquent on a $300,000 note to Great National Bank on which $66,000 of interest has accrued. On January 2, 2019, Boonville enters into a debt restructuring agreement with the bank.

Required - Prepare the journal entries for Boonville to record the restructuring agreement assuming: the bank accepts 10,000 shares of Boonville's $10 par common stock that is currently selling for $35 per share in full settlement of the debt.

Reference no: EM132888911

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