Due to adverse economic circumstances and poor management, Bontoc Company has negotiated a restructuring of P8,500,000 note payable to Second Bank. The bank has agreed to reduce the face amount of the note from P8,500,000 to P8,000,000, reduce the interest rate from 14% to 10%, and extend the due date one year from date of restructuring. The restructuring was done at the beginning of the current year. There is no unpaid interest on the restructured note at this time. The present value of 1 at 14% for one period is 0.8772 and the present value of an ordinary of 1 for two periods at 14% is 1.6467. Required: cs Scanned with Camor the current year. epare journal entries for the