At Jonubry 1, 2024, Rothschild Chair Company, Incorporated, was indebted to First Lincoin Bank under a $22 million, 15% unsecured note. The note was signed Jonusry 1, 2021, and was due December 31, 2027 , Annual interest was last paid on December 31, 2022 Rothachild Chair Company was experiencing severe financial difficultes and negotated a restructuring of the terms of the debt ogreement. Required: Prepare all journal entries by Rothschild Chair Company, Incorporated, to record the restructuring and ary remaining transactions reloting to the debt under each of the independent circumstances below: 1. First Lincoln Bonk agreed to settle the debt in exchange for land having a foir value of $18 million but carried on Rochschild Chair Compary's books of 514.8 milion. 2. First Lincoin Bank agreed to (o) forgive the interest acerued from last year, (b) reduce the remaining four interest payments so $1 mition eoch and (c) reduce the principal to $16 is million. 3. First Lincoln Bark ogreed to defer all payments fincluding accrued interest until the maturity date and accept $30752,500 at that time in settlemert of the debt. Complete this queston by entering vour answers in the tabs below. in wetientent of the dett. ncconint Fiali. Sherw lowit First Uncoln Bank agreed to defer all payments (including accrued interest) until the maturity date and accept $30,752,500 at that time in settlement of the debt. 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. Show less A