irane, Inc., which owes Windsor Co, $3,280,000 in notes payable, is in financial difficulty. To eliminate the debt, Windsor agrees to iccept from Crane land having a fair value of $2,501,000 and a recorded cost of $1,845,000. Your answer has been saved. See score details after the due date. Prepare the journal entry on Crane's books to record the restructuring of this debt. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Prepare the journal entry on Windsor's books to record the restructuring of this receivable. (Credit account tittes are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)