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What are the journal entries for love conquers all company

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Love conquers all owes P200, 000 plus P18, 000 of accrued interest to Primo Bank, The debt is a 10-year, 10% note. During 2017, Love conquers all's business deteriorated due to a faltering regional economy. On December 31, 2017, Primo bank agrees to accept an old machine and cancel the entire debt. The machine has a cost of P390,000, accumulated depreciation of P221,000, and a fair market value of P190,000.

Requirements:

Problem a. what are the journal entries for Love conquers all company to record the debt settlement.

Problem b. Assume that, instead of transferring the machine, Love conquers all decide to grant 15, 000 ordinary shares (P10 par) which have a fair value of 190,000 in full settlement of the loan obligation. Prepare the journal entries to record the transaction.

Reference no: EM132808331

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