JKL Ltd has financial difficulties and has asked Sang Hang Bank to restructure its $6 million note outstanding. The current note has 3 years left and pay a current interest of 10%, the current market rate for similar loan is 14%. The note was issued at its face value. There are three independent alternatives that Sang Hang Bank could agree as follows:

1. To accept the property in exchange for giving up its claim on the note. The property has carrying amount of $4.5 million and a fair value of $5 million.

2. To take an equity in JKL Ltd by accepting ordinary shares valued at $4.2 million (at stated value) in exchange for giving up its claim on this note.

3. To modify the terms of the note, indicating that JKL Ltd does not have to pay any interest on the note over the 3 year period.

Required 

Prepare the journal entry that JKL Ltd would make for each of above proposed restructurings.