Oriole Company owes $ 190,000 plus $ 16,600 of accrued interest to Waterway State Bank. The debt is a 10- year, 10% note. During 2020, Oriole's business deteriorated due to a faltering regional economy. On December 31, 2020, Waterway State Bank agrees to accept an old machine and cancel the entire debt. The machine has a cost of $ 344,000, accumulated depreciation of $ 189,200, and a fair value of $ 166,000. (c) Assume that, instead of transferring the machine, Oriole decides to grant 13,000 shares of its common stock ($ 10 par) which has a fair value of $ 166,000 in full settlement of the loan obligation. If Waterway State Bank treats Oriole's stock as a trading investment, prepare the entries to record the transaction for both parties. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Titles and Explanation Debit Credit ompany (Debtor): Cayable Payable in Stock Restructuring of Debt Capital in Excess of Par - Common Stock ay State Bank (Creditor): Question 8 of 22 13.33/20 INE titles and enter for the amounts Credit account titles are automatically indented when amount is entered. Do not Indent manually Date Debit Credit Account Titles and anation Oriole Company (Debtork December 31.2020 Notes Payable Interest Payable Common Stock Gainon Restructuring of Debt Paid-in Capital in Excess of Par-Common Stock Waterway State Bank Creditor): Equity Investments December 31, 2020 Allowance for Doubtful Accounts Notes Receivable Interest Receivable