(a) Novak Stores owes 205,300 to Ceballos SpA. The debt is a 10-year, 11% note. Because Novak is in financial trouble, Ceballos agrees to accept some land and cancel the entire debt. The land has a book value of 99,000 and a fair value of 147,000. Prepare the journal entry on Novak's books for debt settlement. (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.) Account Titles and Explanation eTextbook and Media List of Accounts Save for Later Debit Credit Attempts: 0 of 3 used Submit Answer