Question: can you answer this question for me please ? Current Attempt in Progress Pronghorn Co. owes $202,400 to Stellar Inc. The debt is a 10-year,

can you answer this question for me please ?

can you answer this question for me please ? Current Attempt in

Current Attempt in Progress Pronghorn Co. owes $202,400 to Stellar Inc. The debt is a 10-year, 11% note. Because Pronghorn Co. is in financial trouble, Stellar Inc. agrees to accept some land and cancel the entire debt. The property has a book value of $87,000 and a fair value of $134,000. (a) Prepare the journal entry on Pronghorn's books for debt restructure. (b) Prepare the journal entry on Stellar'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) Pronghorn Co.'s entry: (b) Stellar Inc. entry

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