Question: Bb Homework 1 4 - 9 9 / 1 0 / 2 0 2 4 Eddy Co . is indebted to Cole under a $

Bb Homework 14-9
9/10/2024
Eddy Co. is indebted to Cole under a $1,000,000,12%, three-year note dated December 31,2016. Because of Eddys financial difiicullies developing in 2018, Eddy owed accrued interest of $120,000 on the note at December 31,2018. Under a troubled debt restructuring, on December 31,2018, Cole agreed to setile the note and accrued interest for a tract of land having a fair value of $900,000. Eddy's acquisition cost of the land is $725,000. Journalize this transaction for Eddy Co. and Cole. Show all calculations.
Bb Homework 14-9 9/10/2024 Eddy Co. is indebted to Cole under

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