(Debtor/Creditor Entries for Settlement of Troubled Debt) Weaver Co. owes $1,398,600 to McBride Inc. The debt is a 10-year, 11% note. Because Weaver Co. is in financial trouble, McBride Inc. agrees to accept some property and cancel the entire debt. The property has a book value of $560,000 and a fair market value of $840,000. Instructions (a) Prepare the journal entry on Weavers books for debt restructure. (b) Prepare the journal entry on McBrides books for debt restructure.
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