Troubled debt
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What types of situations result in troubled debt? What are some of the general rules for recognizing gain or loss by both parties in a troubled debt situation? How would you report these gains or losses?
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This solution discusses aspects of troubled debt.
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The following are different types of situations that could result to troubled debt:
1. The debtor has defaulted payment on interests for several period and principal
2. The debtor is experiencing financial difficulties and has defaulted on interest payments for few times, and has requested for concessions from the creditors
In cases of troubled debt, a restructuring of the debt usually follows wherein the creditor grants concessions to the debtor due ...
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