At January $1,2024,$ Clayton Hoists Incorporated owed Third BancCorp $$17$ million, under a $10\%$ note due December $31,2025.$ Interest was paid last on December $31,2022.$ Clayton was experiencing severe financial difficulties and asked Third BancCorp to modify the terms of the debt agreement. After negotiation Third BancCorp agreed to do the following:

Note: Use appropriate factor$($s$)$ from the tables provided. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

Forgive the interest accrued for the year just ended.

Reduce the remaining two years' interest payments to $$1$ million each.

Reduce the principal amount to $$16$ million.

Required:

$1-3.$ Prepare the journal entries by Third BancCorp necessitated by the restructuring of the debt at January $1,2024,$ December $31,2024$ and December $31,2025.$

Note: Enter your answers in whole dollars. If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Round your final answers to nearest whole dollar amount.Delta Automotive Corporation has the following assets listed in its $12/31/2024$ trial balance:

$*$Purchased on $11/30/2024$

Required:

Determine the correct balance of cash and cash equivalents to be reported in the current asset section of the $2024$ balance

sheet.

For each of the items not included in your answer to requirement $1,$ select the correct classification of the item.

Complete this question by entering your answers in the tabs below.

Required $2$

For each of the items not included in your answer to requirement $1,$ select the correct classification of the item.