Vaughn Co. owes $217,600 to Bramble Inc. The debt is a 10-year, 11% note. Because Vaughn Co. is in financial trouble, Bramble Inc. agrees to accept some land and cancel the entire debt. The property has a book value of $96,600 and a fair value of $144,000. (a) Prepare the journal entry on Vaughn's books for debt restructure. (b) Prepare the journal entry on Bramble's books for debt restructure. (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.) Debit Credit No. Account Titles and Explanation (a) Vaughn Co.'s entry: (b) Bramble Inc. entry