At January 1, 2021, Transit Developments owed First City Bank Group $720,000, under an 9% note with three years remaining to maturity. Due to financial difficulties, Transit was unable to pay the previous year's interest.First City Bank Group agreed to settle Transit’s debt in exchange for land having a fair value of $570,000. Transit purchased the land in 2017 for $385,000. Required:Prepare the journal entry(s) to record the restructuring of the debt by Transit Developments. - Record any necessary adjustment prior to recording the exchange for debt. - Record the exchange of land to settle debt.

Company A entered into a contract to purchase the assets of Company B except for cash, accounts receivable. Company A will provide Company B with enough funds to cover the liquidation of the business including accrued expenses. Under the contract, only the amount to pay out the loan was required at settlement. The balance is to be paid within 30 days of settlement. Company A will issue Company B shareholders one of its shares for every 5 of their Company B shares. Settlement occurred on 1 July 2022. Company A shares were valued at $12.25 per share. Company A incurred $9,000 in acquisition related expenses and $15,100 in share issue costs. Attached is a list of net fair value of assets and liabilities as estimated by Company A. The following costs also need to be covered by Company A Accrued employee benefits $43,000 Accrued loan interest to 1 July 2022 $15,680 Other accrued expenses $7,862 Other liquidation costs $8,920 1) Prepare and the acquisition analysis related journal entries of…

lake Tile Kaman Company paid $165,000 to purchase a portfolio of debt investments on March 1, 2020. Managemer intention is to hold them for less than one year. Management does not intend to hold any debt investment their maturity in this portfolio. Do not enter dollar signs or commas in the input boxes. For transactions with more than one debit or credit, enter the accounts in alphabetical order. Required a) Prepare the journal entry to record the purchase of these debt securities. Date Account Title and Explanation Debit Credit Mar 1 To record purchase of investments b) On March 15, 2020, Kaman Company received interest of $1,600 from the debt investments in this port Prepare the journal entry to record the receipt of interest. Debit Credit Date Account Title and Explanation W

On December 31, 2020, Petra Company invests $26,000 in Valery, a variable interest entity. In contractual agreements completed on that date, Petra established itself as the primary beneficiary of Valery. Previously, Petra had no equity interest in Valery. Immediately after Petra's investment, Valery presents the following balance sheet: Cash $ 26,000 Long-term debt $ 114,000 Marketing software 146,000 Noncontrolling interest 78,000 Computer equipment 46, 000 Petra equity interest 26,000 Total assets $218,000 Total liabilities and equity $ 218,000 Each of the amounts represents an assessed fair value at December 31, 2020, except for the marketing software. The December 31 business fair value of Valery is assessed at $104,000. If the carrying amount of the marketing software was undervalued by $31,000, what amounts for Valery would appear in Petra's December 31, 2020, consolidated financial statements? If the carrying amount of the marketing software was overvalued by $31,000, what…