Question: On December 3 1 , 2 0 2 4 , Blossom Co . is in financial difficulty and cannot pay its $ 1 0 2

On December 31,2024, Blossom Co. is in financial difficulty and cannot pay its $10230000 loan obligation to Bridgeport, Inc. Bridgeport has agreed to accept 204600 shares of Blossom stock ( $1 par) that is currently trading at $40 per share in full settlement of the debt. When recording the transaction, Bridgeport's entry will include
a debit to Loss on Restructuring of Debt of $2046000.
a credit to Note Receivable of $8184000.
a credit to Allowance for Doubtful Accounts of $2046000.
a debit to Allowance for Doubtful Accounts of $2046000.
On December 31,2024, Blossom Co. is in financial difficulty and cannot

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