Refer to the debt restructuring information in E14-29.

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

 E14-29

On January 1, 2019, Boonville Corporation is delinquent on a $300,000 note to Great National Bank on which $66,000 of interest has accrued. On January 2, 2019, Boonville enters into a debt restructuring agreement with the bank.