Elon Musk is having financial difficulty and therefore has asked Jeff Bezzo to restructure its $1 million note outstanding. The present note has 2 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. Instructions Presented below are independent situations. Prepare the journal entry that Elon Musk and Jeff Bezzo would make for each of these restructurings, show all work, label each question, and use appropriate formulas. (a) Jeff Bezzo agrees to take an equity interest in Elon Musk by accepting common stock valued at $800,000 in exchange for relinquishing its claim on this note. The common stock has a par value of $50,000. (b) Jeff Bezzo agrees to accept land in exchange for relinquishing its claim on this note. The land has a book value of $500,000 and a fair value of $900,000