Please show all work. Thank You. Pumpkin Company is going through...
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Please show all work. Thank You.
Pumpkin Company is going through bankruptcy reorganization. It signed a $255,000 note payable prior to the order for relief. The company believes that this note will be settled for $71,000 in cash. It is also possible that the creditor will instead take a piece of land that cost the company S61,000 but is valued at $83,000. On a balance sheet prepared during the reorganization period, how will this debt be reported? Multiple Choice $184,000 $255,000 $154,000 $71,000
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