Concord Corporation, which owes Skysong Inc. $3,440,000 in notes payable, is in financial difficulty To eliminate the debt, Skysong agrees to accept from Concord land having a fair value of $2,623,000 and a recorded cost of $1,935,000 

a). Compute the amount of gain or loss to Concord Corporation on the transfer (disposition) of the land on disposal of land $  

b). Compute the amount of gain or loss to Concord Corporation on the restructuring of the debt on restructuring of 

c). Prepare the journal entry on Concord's books to record the restructuring of this debt (Credit account titles are automatically indented when the amount is entered Do not indent manually If no entry is required, select No Entry for the account titles and enter 0 for the amounts) 

Answer rating: 100% (QA)

a To calculate the amount of gain or loss to concord corporation on ... View the full answer