At January 1, 2024, NCI Industries, Incorporated was indebted to First Federal Bank under a $251,000, 10% unsecured note. The note was signed January 1, 2017, and was due December 31, 2025. . Annual interest was last paid on December 31, 2022. NCI was experiencing severe financial difficulties and negotiated a restructuring of the terms of the debt agreement. First Federal agreed to reduce last year's interest and the remaining two years' Interest payments to $13.971 each and delay all payments until December 31, 2025, the maturity date. Required: Prepare the journal entries by NCI Industries, Incorporated, necessitated by the restructuring of the debt at: (1) January 1, 2024; (2) December 31, 2024; and (3) December 31, 2025. Note: Do not round intermediate calculations. Round final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Use tables, Excel, or a financial calculator. (EV of $1 PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) Journal entry worksheet < 2 3 4 Record the interest expense. Note: Enter debits before credits. Date December 31, 2024 General Journal Debit Credit Interest expense > Required: Prepare the journal entries by NCI Industries, Incorporated, necessitated by the restructuring of the debt at: (1) January 1, 2024; (2) December 31, 2024; and (3) December 31, 2025. Note: Do not round intermediate calculations. Round final answers to the nearest whole dollar. If no entry is required for o transaction/event, select "No journal entry required" in the first account field. Use tables, Excel, or a financial calculator. (FV of $3 PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) View transaction list Journal entry worksheet 4 < 3 4 Record the interest expense. Note: Enter debits before credits. Date December 31, 2025 General Journal Debit Credit > Required: Prepare the journal entries by NCI Industries, Incorporated, necessitated by the restructuring of the debt at: (1) January 1, 2024; (2) December 31, 2024; and (3) December 31, 2025. Note: Do not round intermediate calculations. Round final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Use tables, Excel, or a financial calculator. (EV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) View transaction list Journal entry worksheet 3 4 Record the payment of the debt. Note: Enter debits before credits Date December 31, 2025 General Journal Debit Credit