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The Dud Company has gone through bankruptcy and is ready to emerge as reorganized entity on December 31, 2017. On this date the company has

The Dud Company has gone through bankruptcy and is ready to emerge as reorganized entity on December 31, 2017. On this date the company has assets valued at fair value in the amount of $600,000. The company has a reorganization value of $700,000.

Required:

Provide journal entry required to account for the difference between assets at fair value and the reorganization value.

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