Concord Corporation is having financial difficulty and therefore has asked Marigold National Bank to restructure its $5.55 million note outstanding. The present note has 3 years remaining and pays a current rate of interest of 8%. The present market rate for a loan of this nature is 12%. The note was issued at its face value. Presented below are four independent situations. Prepare the journal entry that Concord and Marigold National Bank would make for each of these restructurings. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

(a) Marigold National Bank agrees to take an equity interest in Concord by accepting common stock valued at $3,784,000 in exchange for relinquishing its claim on this note. The common stock has a par value of $1,706,000.

(b) Marigold National Bank agrees to accept land in exchange for relinquishing its claim on this note. The land has a book value of $3,101,000 and a fair value of $3,904,000.

(c) Marigold National Bank agrees to modify the terms of the note, indicating that Concord does not have to pay any interest on the note over the 3-year period.

(d) Marigold National Bank agrees to reduce the principal balance due to $4,784,483 and require interest only in the second and third year at a rate of 8%.

No. Account Titles and Explanation Debit Credit (a) Concord Corporation Notes Payable 5500000 Common Stock 1706000 Paid-in Capital in Excess of Par Common Stock 2078000 Gain on Restructuring of Debt 1716000 Marigold National Bank Equity Investments 3784000 Allowance for Doubtful Accounts 1716000 Notes Receivable 5500000 (b) Concord Corporation Notes Payable 5500000 Land 3101000 Gain on Disposal of Plant Assets 803000 Gain on Restructuring of Debt 1596000 Marigold National Bank Land 3904000 Allowance for Doubtful Accounts 1596000 Notes Receivable 5500000