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On December 31, 2020, Fang Corp. is in financial difficulty and cannot pay a $ 910,000 note with $ 91,000 accrued interest payable to AJ

On December 31, 2020, Fang Corp. is in financial difficulty and cannot pay a $ 910,000 note with $ 91,000 accrued interest payable to AJ Ltd., which is now due. AJ agrees to accept from Fang an equipment that has a fair value of $ 445,000, an original cost of $ 720,000, and accumulated depreciation of $ 345,000. .

Record the journal entries in Fang corporations books

Record the journal entries in AJs books

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