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Bonita Co. owes $197,700 to Windsor Inc. The debt is a 10-year, 11% note. Because Bonita Co. is in financial trouble, Windsor Inc. agrees to

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Bonita Co. owes $197,700 to Windsor Inc. The debt is a 10-year, 11% note. Because Bonita Co. is in financial trouble, Windsor Inc. agrees to accept some land and cancel the entire debt. The land has a book value of $88,000 and a fair value of $149,200. (a) Prepare the journal entry on Bonita's books for debt restructure (b) Prepare the journal entry on Windsor's books for debt restructure. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) No. Account Titles and Explanation (a) Bonita Co.'s entry: Debit Credit (b) Windsor Inc. entry

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