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Prepare the journal entries to record transaction

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Question - Versatile Company, after having experienced financial difficulties in 2020, negotiated with a major creditor and arrived at an agreement to restructure a note payable on December 31, 2020.

The creditor was owed principal of 3,600,000 and interest of 400,000 but agreed to accept equipment worth 700,000 and note receivable from a Versatile Company customer with carrying amount of 2,700,000.

The equipment had an original cost of 900 000 accumulated depreciation of 300,000.

Required - Prepare the journal entries to record transaction.

Reference no: EM132845525

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