Question: Plz solve this soon,its very important ,fast plz Problem solving question: Extinguishment of Debt (CLO#2) Burwood Company loaned $654,000 to Garran Company In financial difficulty

Plz solve this soon,its very important ,fast plz

Problem solving question: Extinguishment of Debt (CLO\#2) Burwood Company loaned $654,000 to Garran Company In financial difficulty it cannot meet its loan obligations, to settle the debt, Burwood agrees to accept from Garran equipment with a fair value of $570,000 in full settlement of the loan obligation. The equipment has a carrying value of $645,000 on the books of Garran Company Instructions: (a) Compute the gain or loss to Garran on the settlement of the debt. (b) Prepare the journal entry on Garran 's books to record the settlement of this debt. (c) Prepare the journal entry on Burwood's books to record the settlement of the receivable. Problem solving question: Extinguishment of Debt (CLO\#2) Burwood Company loaned $654,000 to Garran Company In financial difficulty it cannot meet its loan obligations, to settle the debt, Burwood agrees to accept from Garran equipment with a fair value of $570,000 in full settlement of the loan obligation. The equipment has a carrying value of $645,000 on the books of Garran Company Instructions: (a) Compute the gain or loss to Garran on the settlement of the debt. (b) Prepare the journal entry on Garran 's books to record the settlement of this debt. (c) Prepare the journal entry on Burwood's books to record the settlement of the receivable

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