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Assignment ID: FG133137007
Question – Mann, Inc., Which owes Doran Co. $600,000 in notes payable with accrued interest of $54,000, is in financial difficulty. To settle the debt, Doran agrees to accept from Mann equipment with a fair value of $570,000, an original cost of $840,000, and accumulated depreciation of $195,000. Prepare the journal entry on Mann’s books to record the settlement of this debt.