Hope Still, chief executive of Great Divide Technologies $($GDT$),$ a state$-$certified aircraft repair company, worked with her local bank to get a $$280,000$ loan under the paycheck protection program in early May of $2020$ that allowed her to keep paying her $19$ employees. The loan would be fully forgiven if GDT uses at least $60\%$ of the funds for payroll costs and the remainder for interest on mortgages, rent, and utilities. Otherwise, the loan plus $1\%$ accrued annual interest must be repaid after two years. The company recorded the loan with a $$280,000$ credit to note payable. Prepare the appropriate journal entry GDT would record when the conditions for debt forgiveness have been met assuming that GDT views the funding as being most closely aligned with guidance provided. for debt by FASB ASC $405-20/470-50.$ For grants to not$-$for$-$profit organizations by FASB ASC $958-605.$ For grants to business organizations by IFRS$-$IAS$20.$