The following account balances are available from the ledger of Wildhorse Corporation on December $31,2022$:

Common Shares $(22,000$ shares authorized and outstanding$)$ $$1,100,000$

Retained Earnings $($Deficit$)(230,000)$

On January $2,2023,$ the corporation put into effect a shareholder$-$approved reorganization by agreeing to pass the common shares over to the creditors in full payment of the $$290,000$ Notes Payable, writing up Buildings by $$122,100,$ and eliminating the deficit. Assume that Wildhorse follows ASPE.

Prepare the required journal entries for the financial reorganization of Wildhorse. $($List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered.