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At December 31, 2020, Oscar Ltd. owes Wilde Corp. for a $ 300,000 note payable, plus accrued interest of $ 27,000. Oscar is now in financial difficulty and cannot repay Wilde. To settle the debt, Wilde agrees to accept from Oscar equipment with a fair value of $ 285,000, an original cost of $ 420,000, and accumulated depreciation to date of $ 98,000.
Instructions
Question a) Prepare the journal entry on Oscar's books to record the settlement of the debt.
Question b) Prepare the journal entry on Wilde's books to record the settlement of the receivable.
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