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Problem - Debtor/Creditor Entries for Settlement of Troubled Debt
Gottlieb Co. owes $199,800 to Ceballos Inc. The debt is a 10-year, 11% note. Because Gottlieb Co. is in financial trouble, Ceballos Inc. agrees to accept some property and cancel the entire debt. The property has a book value of $90,000 and a fair market value of $140,000.
(a) Prepare the journal entry on Gottlieb's books for debt restructure.
(b) Prepare the journal entry on Ceballos's books for debt restructure.
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