Sheridan Co. owes $198,200 to Skysong Inc. The debt is a 10-year, 11% note. Because Sheridan Co. is in financial trouble, Skysong Inc. agrees to accept some land and cancel the entire debt. The property has a book value of $98,000 and a fair value of $141,200. (a) Prepare the journal entry on Sheridan's books for debt restructure. (b) Prepare the journal entry on Skysong's books for debt restructure. (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. Account Titles and Explanation (a) Sheridan Co.'s entry: Debit Credit (b) Skysong Inc. entry: