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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Intermediate Accounting

ISBN: 978-0324300987

10th Edition

Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones

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Question Posted: Mar 12, 2012 03:55 AM

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Refer to the debt restructuring information in E14-31. Required Prepare the journal entries for Great National Bank

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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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