Pumpkin Company is going through bankruptcy reorganization. It has a $200,000 note payable incurred before...
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Pumpkin Company is going through bankruptcy reorganization. It has a $200,000 note payable incurred before the order for relief. The company believes that the note will be settled for $60,000 in cash. It is also possible that the creditor will instead take a piece of land that costs the company $50,000 but is worth $72,000. On a balance sheet during the reorganization period, how will this debt be reported
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