Question 1 of 9 -/1 INT Concord Company owes $221.000 plus $19,700 of accrued interest to Marigold State Bank. The debt is a 10-year, 10% note. During 2020, Concord's business deteriorated due to a faltering regional economy. On December 31, 2020. Marigold State Bank agrees to accept an old machine and cancel the entire debt. The machine has a cost of $406,000, accumulated depreciation of $223,300, anda fair value of $197.000, (a) Prepare journal entries for Concord Company and Marigold State Bank to record this debt settlement. (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) Debit Credit No. Date Account Titles and Explanation Concord Company (Debtor: 1. December 31, 2020