answer in text form please (without image), Note: .Every entry should have narration please Ristoni Company is in the process of emerging from a Chapter 11 bankruptcy. It will apply fresh start accounting as of December 31.2020. The company currently has 30.000 shares of common stock outstanding with a $240,000 par value. As part of thereorganization, the owners will contribute 18,000 shares of this stock back to the company. A retained earnings deficit balance of$330,000 exists at the time of this reorganization.The company has the following asset accounts:Accounts receivableInventoryLand and buildingsEquipmentThe company's liabilities will be settled as follows. Assume that all notes will be issued at reasonable interest rates.• Accounts payable of $80,000 will be settled with a note for $5,000. These creditors will also get 1,000 shares of the stockcontributed by the owners.Book Value Fair Value$ 100,000Accrued expenses of $35,000 will be settled with a note for $4,000.Note payable of $100,000 (due 2024) was fully secured and has not been renegotiated.- Note payable of $200,000 (due 2023) will be settled with a note for $50,000 and 10,000 shares of the stock contributed by the112,000420,00078,000owners.Note payable of $185.000 (due 2021) will be settled with a note for $71,000 and 7,000 shares of the stock contributed by theView transaction listowners.Note payable of $200,000 (due 2022) will be settled with a note for $110.000.$80,00090,000500.00065,000The company has a reorganization value of $780,000.The company has a reorganization value of $780,000.Prepare all journal entries for Ristoni so that the company can emerge from the bankruptcy proceeding. (Do not round intermediatcalculations. Round your final answers to the nearest dollar amount. If no entry is required for a transaction/event, select "NoJournal entry required" in the first account field.)Journal entry worksheet<3 42Note: Enter debits before credits.Transaction5 6 7Record the adjustment entry to change asset values to fair value.8'General JournalDebitCredit>

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Prepare all journal entries for Ristoni so that the company can emerge from the bankruptcy proceeding. (Do not round intermedia calculations. Round your final answers to the nearest dollar amount. If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 Transaction Record the adjustment entry to change asset values to fair value. Note: Enter debits before credits 6 7 General Journal Debit Credit

Prepare all journal entries for Ristoni so that the company can emerge from the bankruptcy proceeding. (Do not round intermedia calculations. Round your final answers to the nearest dollar amount. If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 Transaction Record the adjustment entry to change asset values to fair value. Note: Enter debits before credits 6 7 General Journal Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

All blanks need to be filled please and thank you, it's incomplete as of now.
Can someone help me with the part b and c please?
Please provide the introductory part and answer for question D.
True or false? In a manual system, it is proper to splits journal entry at the bottom page.