Exercise 14-26 Metlock Co. owes $218,200 to Bonita Inc. The debt is a 10-year, 11% note. Because Metlock Co. is in financial trouble, Bonita Inc. agrees to accept some land and cancel the entire debt. The land has a book value of $84,900 and a fair value of $127,000. (a) Prepare the journal entry on Metlocks books for debt restructure. (b) Prepare the journal entry on Bonitas 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 Debit Credit (a) Metlock Co.'s entry: (b) Bonita Inc. entry: Click if you would like to Show Work for this question: Open Show Work