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Category > Accounting Posted 27 May 2017 My Price 8.00

Marigold Company owes $236,000 plus $21,500 of accrued interest to Swift State Bank

Marigold Company owes $236,000 plus $21,500 of accrued interest to Swift State Bank. The debt is a 10-year 10% note. During 2017, Marigold's business deteriorated due to a faltering regional economy. On December 31, 2017, Swifty State Bank agrees to accept an old machine and cancel the entire debt. The machine has a cost of $383,000, accumulated of $210,650, and a fair value of $215,000. Prepare journal entries for Marigold Company and Swifty State Bank to record this debt settlement. (If no entry is 1420 required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. 1. December 31, 2017 2. December 31 2017 How should Marigold report the following in its 2017 income statement? 1. Gain or loss on the disposition of machine 2. Gain or loss on restructuring of debt. Assume that, instead of transferring the machine, Marigold decides to grant 16,000 shares of its common stock ($10 par) which has a fair value of $215,000 in full settlement of the loan obligation. If Swifty State Bank treats Marigold's stock as a trading investment, prepare the entries to record the transaction for both parties. (If no entry is required, select "No Entry for the account titles and enter 0 for the amounts, credit account titles are automatically indented entered. Do not indent manually). 1. December 31, 2017

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Alpha Geek
(8)
Status NEW Posted 27 May 2017 02:05 PM My Price 8.00

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file 1495895635-Answer.docx preview (351 words )
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