PLEASE SHOW WORK IF POSSIBLE... THANKS!!!

Tamarisk Company owes $190,000 plus $16,600 of accrued interest to Vaughn State Bank. The debt is a 10-year, 10% note. During 2017, Tamarisk's business deteriorated due to a faltering regional economy. On December 31, 2017, Vaughn 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. Prepare journal entries for Tamarisk Company and Vaughn State Bank to record this debt settlement. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Debit Credit Account Titles and Explanation Tamarisk Company_(Debtor): 1. December 31, 2017 Vaughn State Bank (Creditor): 2. December 31, 2017 How should Tamarisk report the following in its 2017 income statement? 1. Gain or loss on the disposition of machine 2. Gain or loss on restructuring of debt SHOW LIST OF ACCOUNTS LINK TO TEXT Assume that, instead of transferring the machine, Tamarisk 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 Vaughn State Bank treats Tamarisk'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 o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit No. Date Account Titles and Explanation Tamarisk Company_(Debtor): 1. December 31, 2017 Vaughn State Bank (Creditor): Vaughn State Bank (Creditor): 2. December 31, 2017 Tamarisk Company owes $190,000 plus $16,600 of accrued interest to Vaughn State Bank. The debt is a 10-year, 10% note. During 2017, Tamarisk's business deteriorated due to a faltering regional economy. On December 31, 2017, Vaughn 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. Prepare journal entries for Tamarisk Company and Vaughn State Bank to record this debt settlement. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Debit Credit Account Titles and Explanation Tamarisk Company_(Debtor): 1. December 31, 2017 Vaughn State Bank (Creditor): 2. December 31, 2017 How should Tamarisk report the following in its 2017 income statement? 1. Gain or loss on the disposition of machine 2. Gain or loss on restructuring of debt SHOW LIST OF ACCOUNTS LINK TO TEXT Assume that, instead of transferring the machine, Tamarisk 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 Vaughn State Bank treats Tamarisk'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 o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit No. Date Account Titles and Explanation Tamarisk Company_(Debtor): 1. December 31, 2017 Vaughn State Bank (Creditor): Vaughn State Bank (Creditor): 2. December 31, 2017