Dillons Corporation is having financial difficulty and therefore has asked Manchester National Bank to restructure its 3 million note outstanding. The present note has 3 years remaining and pays a current rate of interest of 10%. The present market rate for a loan of this nature is 12%. The note was issued at its face value. Required: Prepare below are two independent situations. Prepare the journal entry that Hannover would make for each of these restructurings and explain. (a) Manchester National Bank agrees to take an equity interest in Hannover by accepting ordinary shares valued at 2,200,000 in exchange for relinquishing its claim on this note. The ordinary shares have a par value of 1,000,000. (b) Manchester National Bank agrees to accept land in exchange for relinquishing its claim on this note. The land has a book value of 1,950,000 and a fair value of 2,400,000