Splish Co. owes $181,300 to Blossom Inc. The debt is a 10-year, 11% note. Because Splish Co. is in financial trouble, Blossom Inc. agrees to accept some land and cancel the entire debt. The land has a book value of $96,500 and a fair value of $129,600. (a) Prepare the journal entry on Splishs books for debt restructure. (b) Prepare the journal entry on Blossoms books for debt restructure.

No. Account Titles and Explanation (a) Splish Co.'s entry: Debit Credit (b) Blossom Inc. entry