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Journal entries for reorganization

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Journal Entries for Reorganization

On February 1, 2012, Clover Company filed a petition for reorganization under the bankruptcy statutes. The court approved the plan on September 1, 2012, including the following provisions:

Unsecured creditors of open accounts amounting to $71,600 are paid 42 cents on the dollar in full settlement.

Clover Company is to exchange accounts receivable in the face amount of $92,000 and an allowance for uncollectible accounts of $19,450 for the full settlement of $132,400 owed on open account to one of its major unsecured creditors.

Reference no: EM13516920

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