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Prepare this transaction on the books of the creditor

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Question - Regales Bank has lent $10,000,000 to Manlangit Trust. Manlangit Trust in turn has invested this amount in buildings, but because of low occupancy rates it cannot meet its loan obligations. Regales Bank agrees to accept from Manlangit Trust a building with a fair value of $18,000,000 in full settlement of the $10,000,000 of debt obligation. The building has a recorded carrying value of $28,000,000 on the books of Manlangit Trust, that is net of accumulated depreciation of $6,000,000.

Required -

Prepare this transaction on the books of the creditor.

Prepare this transaction on the books of the debtors.

Reference no: EM132870551

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