Question
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
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Study Guide Working Papers For College Accounting, Chapters 1-9
Authors: James A. Heintz, Robert W. Parry
23rd Edition
0357474740, 9780357474747
