Concord, Inc., which owes Skysong Co. $1,032,000 in notes payable with accrued interest of $92,880, is in financial difficulty. To settle the debt, Skysong agrees to accept from Concord equipment with a fair value of $980,400, an original cost of $1,444,800, and accumulated depreciation of $335,400

Compute the gain or loss to Concord on the settlement of the debt. GainLoss on restructuring of debt $ .

Compute the gain or loss to Concord on the transfer of the equipment. LossGain on disposal of equipment $ .

Prepare the journal entry on Concord 's books to record the settlement of this debt.

Account Titles and Explanation	Debit	Credit

Prepare the journal entry on Skysong's books to record the settlement of the receivable.

Account Titles and Explanation	Debit	Credit