WP Question 5 of 5 - Assignment 3 x + X C education.wiley.com/was/ui/v ... G Apps All Bookmarks < Assignment 3 Chapter 15 Due Feb 3rd Question 5 of 5 V > -/8 E : Inventory Buildings (net) Patents (net) Bank loan payable Common shares, no par value, 9,700 shares outstanding Deficit Bramble Products Inc. has the following account balances on March 31, 2023: $382,000 678,000 557,500 332,000 824,500 (1,249,500) N W A Dahit ENG US In April 2023, management agrees to a financial reorganization. As part of the reorganization creditors are willing to forgive the debt in exchange for 100% of the outstanding shares. It is determined that assets have the following fair values: inventory $156,500, patent $257,500, and buildings $1,101,500. Prepare the required journal entries for the financial reorganization. Use Deficit account. (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 O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Account Titlas and Evnlanstion x CrAr 11:46 PM 2025-02-03