Help Save & Exit Subm At January 1, 2018, Rothschild Chair Company, Inc., was indebted to First Lincoln Bank under a $20 million, 10% unsecured note. The note was signed January 1, 2015, and was due December 31, 2021. Annual interest was last paid on December 31, 2016. Rothschild Chair Company was experiencing severe financial difficulties and negotiated a restructuring of the terms of the debt agreement. (FV of S1, PV of $1. EVA.of S1. PVA of $1. FVAD of $1 and PVAD of $) (Use appropriate factorfs) from the tables provided.) Required: debt under each of the independent circumstances below 16.66 points Prepare all journal entries by Rothschild Chair Company, Inc., to record the restructuring and any remaining transactions relating to the 1. First Lincoln Bank agreed to settle the debt in exchange for land having a fair value of $16 million but carried on Rothschild Chair 2. First Lincoln Bank agreed to (o) forgive the interest accrued from last year,(b) reduce the remaining four interest plyments to $t books at $13 million each, and (c) reduce the principal to $15 million million 3. First Lincoln Bank time in settlement of the debt. agreed to defer all payments (including accrued interest) until the maturity date and accept $27,775,000 at that Complete this question by entering your answers in the tabs below First Bank agreed to settle the debt in exchange for land having a fair value of $16 your answer in field.) event, select "No ournal entry worksheet