A new CEO was hired to revive the floundering Heirloom Watch Corporation. The compony had endured operating losses for several years, but confidence was emerging that better times were ahead. The board of directors and shareholders approved a quasireorganization for the corporation. The reorganization included devaluing inventory for obsolescence by $210million and increasing land by $10 milison. Immediately before the restatement, on December 31, 2024, Heirloom Watch Corporation's balance sheet appeared as follows (in condensed form): Required: 1. Prepare the journal entries appropsiate to record the quasi,reorganization on January 1,2025. 2. Prepare a bolance sheet os it would oppeor immediately after the restatement. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Prepare the journal entries appropriate to record the quasi-reorganization on January 1, 2025. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (0,6,10,000,000 should be entered as 10). Journal entry worksheet 4 Journal entry worksheet 4 Journal entry worksheet Record the entry to eliminate a portion of deficit against available additional paid in capital. Wotest Enter dobits beffore credles. Journal entry worksheet Record the entry to eliminate the remainder of the deficit against common stock: Noter Enter debits tafore credits. Prepare a balance sheet as it would appear immediately after the restatement. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10)