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Yaz Industries has $8 million of outstanding notes payable with California Bank due in 30 months. In addition, Yaz currently owes $400,000 in interest. Yaz
| Yaz Industries has $8 million of outstanding notes payable with California Bank due in 30 months. | ||||||
| In addition, Yaz currently owes $400,000 in interest. Yaz is in financial difficulty and renegotiates | ||||||
| to settle the debt. California Bank agrees to accept $6 million in cash and land with a fair value of | ||||||
| $1.2 million and an original cost of $1.5 million | ||||||
| Record the entry for Yaz for the restructuring of the debt | ||||||
| Account Name | DR | CR | ||||
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