wconnect.mheducation.com%252F#/activity/question-group/kEZASs Close Browser . Blackboard Learn Course Content - 2... X xFinity | Portal Citing a Website in... nit 3 AS: Exercises and Problems (Connect) i Saved Help Sa 2 At January 1, 2021, Transit Developments owed First City Bank Group $670,000, under an 9% note with three years remaining to maturity. Due to financial difficulties, Transit was unable to pay the previous year's interest. First City Bank Group agreed to settle Transit's debt in exchange for land having a fair value of $520,000. Transit purchased the land in pints 2017 for $360,000. Required: eBook Prepare the journal entry(s) to record the restructuring of the debt by Transit Developments. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Hint Print View transaction list References Journal entry worksheet 2 Record any necessary adjustment prior to recording the exchange for debt. Note: Enter debits before credits. Event General Journal Debit Credit Mc Prev 2 of 10 Next > 55 F Sunny re to search OZ Prepare the journal entry(s) to record the restructuring of the debt by Transit Developments. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list 7 points Journal entry worksheet eBook 2 Hint Print Record any necessary adjustment prior to recording the exchange for debt. References Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal Mc Graw Type here to search O 080