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Ch 14 - Notes Payable Transfer of Asset ICB loaned 100,000,000 to Bombi Co. Bombi, in turn, invested these monies in hotel. However, because of

Ch 14 - Notes Payable

Transfer of Asset

ICB loaned 100,000,000 to Bombi Co. Bombi, in turn, invested these monies in hotel. However, because of low occupancy rates, it cannot meet its loan obligations. ICB agrees to accept from Bombi Co. with a fair value of 85,000,000 in full settlement of the 100,000,000 loan obligation. The hotel has a carrying value of 83,000,000 on the books of Bombi Co.

How Bombi (debtor) records this transaction?

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