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Question - Pearl Co. owes $199,800 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 $95,600 and a fair value of $152,500.
Required -
(a) Show the journal entry on Pearl's books for debt restructure.
(b) Show the journal entry on Martinez's books for debt restructure.
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