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Record the journal entries in AJs books

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Question - Record the journal entries in Fang corporation's books. ?On December 31, 2020, Fang Corp. is in financial difficulty and cannot pay a $ 910,000 note with $ 91,000 accrued interest payable to AJ Ltd., which is now due. AJ agrees to accept from Fangan equipment that has a fair value of $ 445,000, an original cost of $ 720,000, and accumulated depreciation of $ 345,000. Record the journal entries in AJ's books.

Reference no: EM132848969

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