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The following account balances are available from the ledger of Wildhorse Corporation on December 31,2022:...

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Accounting

The following account balances are available from the ledger of Wildhorse Corporation on December 31,2022:
Common Shares (22,000 shares authorized and outstanding) $1,100,000
Retained Earnings (Deficit)(230,000)
On January 2,2023, the corporation put into effect a shareholder-approved reorganization by agreeing to pass the common shares over to the creditors in full payment of the $290,000 Notes Payable, writing up Buildings by $122,100, and eliminating the deficit. Assume that Wildhorse follows ASPE.
Prepare the required journal entries for the financial reorganization of Wildhorse. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not ind

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