Refer to the debt restructuring information in E14-31. Required Prepare the journal entries for Great National Bank
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Refer to the debt restructuring information in E14-31.
Required
Prepare the journal entries for Great National Bank to record the restructuring agreement assuming:
1. The bank accepts the 10,000 shares of Boonville’s stock.
2. The bank accepts the land.
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1 Fair value of stock 10000 x 35 350000 Carrying value of note 300000 66000 366000 Loss on d...View the full answer
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Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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