At January 1, Year 3, Peyton Hoists, Inc. owed Finfund $13 million, under a 10% note due December 31, Year 4. Interest was paid last on December 31, Year 1. Peyton was experiencing severe financial difficulties and asked Finfund to modify the terms of the debt agreement. After negotiation, Finfund agreed to: 3. Forgive the interest accrued for the year just ended. .Reduce the remaining two years' interest payments to $o.9 million each. Reduce the principal amount to $12.2 million. Required: Prepare the journal entries by Finfund necessitated by the restructuring of the debt at: I. January 1, Year 3 II. December 31, Year 3 (1 point) (1 point) May 31 and were processed by the bank on June 1. The bank statement dated May 31, year 1, showed bank service charges of $44. All checks written by the company had been processed by the bank by May 31 and were listed on the bank statement except for checks totaling $2,430. Required: Prepare a bank reconciliation as of May 31, year 1. (4 pointa) 3. At January 1, Year 3, Peyton Hoists, Inc. owed Finfund $13 million, under a 10% note due December 31, Year 4. Interest was paid last on December 31, Year 1. Peyton was experiencing severe financial difficulties and asked Finfund to modify the terms of the debt agreement. After negotiation, Finfund agreed to: Forgive the interest accrued for the year just ended. Reduce the remaining two years' interest payments to $0.9 million each. Reduce the principal amount to $12.2 million. Required by the rerctring of the dabt at Prepare the journal entries by Finfund necessitated by the restructuring of the debt at- l.January 1, Year 3 Il. December 31, Year 3 (1 point) (1 point) Part 3: (8 points) On Jan. 1st, 2018, General Electric issued 6% stated rate bonds with a face amount of $100 million. The bonds mature on June 30, 2038 (20 years). The market rate of interest for lar issued bond is 5%. Interest is paid semiannually on June 30, and December 31, yearly