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Gottlieb Co. owes 199,800 to Ceballos Inc. The debt is a 10-year, 11% note. Because Gottlieb Co. is in financial trouble, Ceballos Inc. agrees to

Gottlieb Co. owes 199,800 to Ceballos Inc. The debt is a 10-year, 11% note. Because Gottlieb Co. is in financial trouble, Ceballos Inc. agrees to accept some property and cancel the entire debt. The property has a book value of 90,000 and a fair value of 140,000. Prepare the journal entry on Gottliebs books for debt settlement

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