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Record the journal entries in AJs books

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Question - On December 31, 2020, Fang Corp. is in financial difficulty and cannot pay a $900,000 note with $90,000 accrued interest payable to AJ Ltd., which is now due. AJ agrees to accept from Fang an equipment that has a fair value of $446,000, an original cost of $720,000, and accumulated depreciation of $345,000.

Required - Record the journal entries in AJ's books.

Reference no: EM132835021

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