At January 1, 2016, Transit Developments owed First City Bank Group $670,000, under an 9% note with three years remaining to maturity. Due to financial difficulties, Transit was unable to pay the previous year's interest. First City Bank Group agreed to settle Transits debt in exchange for land having a fair value of $520,000. Transit purchased the land in 2012 for $360,000. Required: Prepare the journal entry(s) to record the restructuring of the debt by Transit Developments. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) At January 1, 2016, Transit Developments owed First City Bank Group $670,000, under an 9% note with three years remaining to maturity. Due to financial difficulties, Transit was unable to pay the previous year's interest. First City Bank Group agreed to settle Transits debt in exchange for land having a fair value of $520,000. Transit purchased the land in 2012 for $360,000. Required: Prepare the journal entry(s) to record the restructuring of the debt by Transit Developments. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) At January 1, 2016, Transit Developments owed First City Bank Group $670,000, under an 9% note with three years remaining to maturity. Due to financial difficulties, Transit was unable to pay the previous year's interest. First City Bank Group agreed to settle Transits debt in exchange for land having a fair value of $520,000. Transit purchased the land in 2012 for $360,000. Required: Prepare the journal entry(s) to record the restructuring of the debt by Transit Developments. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)