Accurate answers please.

At January 1, 2016, Rothschild Chair Company, Inc., was indebted to First Lincoln Bank under a S Annual interest was last paid on December 31, 2014. Rothschild Chair Company was experiencing severe FVA of S1. PVA of S1. EVAD of $1 and PVAD of S1) (Use appropriate factorfs) from the tables million, 10% unsecured note The note was s igned January 1, 2013, and was due December 31, 2019. financial difficulties and negotiated a restructuring of the terms of the debt agreement. (FV of $1 PV of $1. provided.) Required: transactions relating to the debt under each of the independent circumstances below Prepare all journal entries by Rothschild Chair Company, Inc., to record the restructuring and any remaining 1. First Lincoln Bank agreed to settle the debt in exchange for land having a fair value of $35 million but carried on Rothschild Chair Company's books at $30.1 million. (Enter your answer in millions. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to 1 decimal places.) View transaction list Record any necessary adjustment to land prior to recording the exchange for debt. 1 inge for 2 Record the settlement of debt in exchange for land. Credit Note: -journal entry has been entered Record entry Clear entry View general journal st Lincoin Bank agreedtga