Vaughn Co. owes $181,300 to Bramble Inc. The debt is a 10-year, 11% note. Because Vaughn Co. is in financial trouble, Brambl agrees to accept some land and cancel the entire debt. The property has a book value of $96,500 and a fair value of $129,600. a. Prepare the journal entry on Vaughn's books for debt restructure. Prepare the journal entry on Bramble's books for debt restructure. b.

Vaughn Co. owes $181,300 to Bramble Inc. The debt is a 10-year, 11% note. Because Vaughn Co. is in financial trouble, Brambl agrees to accept some land and cancel the entire debt. The property has a book value of $96,500 and a fair value of $129,600. a. Prepare the journal entry on Vaughn's books for debt restructure. Prepare the journal entry on Bramble's books for debt restructure. b.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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