Freeze Corporation is having financial difficulty and therefore has asked Manhattan 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. Instructions Prepare below are three independent situations. Prepare the journal entry that Halvor would make for each of these restructurings. (a) Manhattan National Bank agrees to take an equity interest in Halvor by accepting ordinary shares valued at $2,200,000 in exchange for relinquishment its claim on this note. The ordinary shares have a par value of $1,000,000. (b) Manhattan 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. (c) Manhattan National Bank agrees to modify the terms of the note, indicating that Halvor does not have to pay interest on the note over the3-year period