Question: Can you answer this question for me please ? Concord Co. owes $197,000 to Marigold Inc. The debt is a 10-year, 11% note. Because Concord

Can you answer this question for me please ?

Can you answer this question for me please ? Concord Co. owes

Concord Co. owes $197,000 to Marigold Inc. The debt is a 10-year, 11% note. Because Concord Co. is in financial trouble, Marigold Inc. agrees to accept some land and cancel the entire debt. The property has a book value of $88,600 and a fair value of $130,900. (a) Prepare the journal entry on Concord's books for debt restructure. (b) Prepare the journal entry on Marigold's books for debt restructure. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) Concord Co's entry: (b) Marigold Inc. entry

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