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Problem 13-37 (Algo) (LO 13-9) Pumpkin Company is going through bankruptcy reorganization. It signed a $280,000 note payable prior to the order for relief.
Problem 13-37 (Algo) (LO 13-9) Pumpkin Company is going through bankruptcy reorganization. It signed a $280,000 note payable prior to the order for relief. The company believes that this note will be settled for $76,000 in cash. It is also possible that the creditor will instead take a piece of land that cost the company $66,000 but is valued at $88,000. On a balance sheet prepared during the reorganization period, how will this debt be reported? Multiple Choice $164,000 $204,000 $76,000 $280,000
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