Skysong Co. owes $214,900 to Concord Inc. The debt is a 10 -year, 11% note. Because Skysong Co. is in financial trouble, Concord Inc. agrees to accept some land and cancel the entire debt. The property has a book value of $86,500 and a fair value of $141,400. a. Prepare the journal entry on Skysong's books for debt restructure. b. Prepare the journal entry on Concord's books for debt restructure. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)