CALCULATCH FULL SON RINTEE VEEL BACK Sarasota Company owes $170,000 plus $15,200 of accrued interest to Ivanhoe State Bank. The debt is a 10-year, 10% note. During 2017, Sarasota's business deteriorated due to a faltering regional economy. On December 31, 2017, Ivanhoe State Bank agrees to accept an old machine and cancel the entire debt. The machine has a cost of $330,000, accumulated depreciation of $181,500, and a fair value of $152,000. Prepare journal entries for Sarasota Company and Ivanhoe State Bank to record this debt settlement. (If no entry is required select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically Indented when amount ante . Do not indian masally) Credit Account Titles and Explanation Sarasota Company (Debtor): 1. December 31, 2017 Ivanhoe State Bank (Creditor): 2. December 31, 2017 Ivanhoe State Bank (Creditor): 2. December 31, 2017 U n g the machine, Sarasota decides to grant 15.000 shares of its common stock ($10 par) which has a fair value of $152,000 in full settlement of the 16h obligation. If Ivanhoe State Bank treats Sarasota's stock as a trading Investment, prepare the entries to record the transaction for both parties. (If no entry is required select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Sarasota Company (Debtor): 1. December 31, 2017 Debit Credit Ivanhoe State Bank (Creditor): 2. December 31, 2017