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Prepare journal entries for Swifty Compary and Nash State Bank to record this debt settlement....

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Accounting

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Prepare journal entries for Swifty Compary and Nash State Bank to record this debt settlement. (If no entry is required, select "No Entry" for the occount tities and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Swifty Company owes $222.000 plus $20,600 of accrued interest to Nash State Bank. The debt is a 10 year, 10% note. During 2020 , Swifty's business deteriorated due to a faltering regional economy. On December 31.2020. Nash State Bankagrees to accept an old machine and cancel the entire debt. The machine has a cost of $344,000, accumulated depreciation cf $189,200, and a fair value of $206,000. Gain on Restructuring of Debt Nash State Bank (Creditor): December 31. 2020 Machinery Allowance for Doubtful Accounts Notes Receivable Interest Receivable

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\table[[Direct labor-hours,Cutting,Finishing],[Machine-hours,7,900,70,000],[Total fixed manufacturing overhead cost,64,200,4,000],[Variable manufacturing overhead per machine-hour,$390,000,$577,000

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