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You are a local CPA hired by Dru Company as a consultant on financial reporting...

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Accounting

You are a local CPA hired by Dru Company as a consultant on financial reporting under GAAP. Dru asks for your advice on the creditor's accounting for a troubled debt restructuring after (1) receipt of assets, (2) a modification of terms, or (3) a combination of the two. Write a memorandum explaining the nature of a troubled debt restructuring and the appropriate accounting.

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