Monty Co.owes $215,800 to Flounder Inc. The debt is a 10-year, 11% note. Because Monty Co. is in financial trouble, Flounder Inc. agrees to accept some land and cancel the entire debt. The property has a book value of $81,800 and a fair value of $147,700. (a) Prepare the journal entry on Monty's books for debt restructure. Prepare the journal entry on Flounder's books for debt restructure. (b) (If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit No. Account Titles and Explanation Monty Co.'s entry: (a) (b) Flounder Inc. entry