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. Ahmed Co. owes SAR 433,000 to Merando Inc. The debt is a 10-year, 11% note. Because Ahmed Co. is in financial trouble, Merando Inc.

. Ahmed Co. owes SAR 433,000 to Merando Inc. The debt is a 10-year, 11% note. Because Ahmed Co. is in financial trouble, Merando Inc. agrees to accept some property and cancel the entire debt. The property has a book value of SAR 150,000 and a fair value of SAR 230,000. Prepare the journal entry on Ahmed 's books for debt settlement.

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