8. At January 1, 2024, S Company, Incorporated, was indebted to First Bank under a $20 million, 10% unsecured note. The note was signed January 1 , 2021, and was due December 31, 2027. Annual interest was last paid on December 31, 2022. S Company was experiencing severe financial difficulties and negotiated a restructuring of the terms of the debt agreement. Required: Prepare all journal entries by S Company, Incorporated, to record the restructuring and any remaining transactions relating to the debt under each of the independent circumstances below: First Bank agreed to settle the debt in exchange for land having a fair value of $16 million but carried on S Company's books at $13 million. First Bank agreed to (a) forgive the interest accrued from last year, (b) reduce the remaining four interest payments to $1 million each, and (c) reduce the principal to $15 million