Gottlieb Co. owes $227,200 to Ceballos Inc. The debt is a 10-year, 11% note. Because Gottlieb Co. is in financial trouble, Ceballos Inc. agrees to accept land and cancel the entire debt. The land has a book value of $97,700 and a fair value of $143,800. (a) Prepare the journal entry on Gottliebs books for debt restructure. (b) Prepare the journal entry on Ceballoss 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.)