At January 1, 2021. Transit Developments owed First City Bank Group $660,000, under an 8% 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 Transit's debt in exchange for land having a fair value of $510,000. Transit purchased the land in 2017 for $355,000 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.) View transaction ist