CAN YOU PLEASE HELP ME WITH BOTH JOURNAL ENTRIES. THANK YOU!

The Larisa Company is exiting bankruptcy reorganization with the following accounts: Receivables Inventory Buildings Liabilities Common stock Additional paid-in capital Retained earnings (deficit) Book Value $ 87,000 207,000 307,000 307,000 337,000 34,000 (77,000) Fair Value $ 104,000 224,000 414,000 307,000 The company's assets have a $787,000 reorganization value. As part of the reorganization, the company's owners transferred 70 percent of the outstanding stock to the creditors. Prepare the journal entry (or entries) necessary to adjust the company's records to fresh start accounting. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet X: Record the entry to adjust asset values to fair value. Record the entry to reduce additional paid in capital balance to correct figure, to close out gain account, and to eliminate deficit. Answer is not complete. No Credit Transaction 1 1 General Journal Receivables Inventory Buildings Goodwill Additional paid-in capital Retained earnings Debit 17,000 17,000 107,000 45,000 139,000 47,000 2 No journal entry required N