Infill Land Development Company is in financial difficulty. The company has an 18-acre parcel of land approved for development with a current up to date independent appraised value of $3,630,000. The 18 acres of land originally cost Infill Development $1,450,000. Infill has a loan outstanding with the Bank of Walnut Grove in the amount of $3,415,000. On July 1, 2020, the board of directors of the bank agreed to accept the land currently valued at $3,630,000 in full settlement of the $3,415,000 loan. Instruction Prepare the journal entries required for both the Bank of Walnut Grove and the Infill Development to record the settlement of the outstanding loan.