Journal entry worksheet Record the interest expense. Note: Enter debits before credits. Journal entry worksheet 12 Record the payment of the debt. Note: Enter debits before credits. At January 1, 2024, NCl Industries, Incorporated was Indebted to First Federal Bank under a $249,000,8% unsecured note. - The note was signed January 1, 2017, and was due December 31, 2025. - Annual interest was last paid on December 31, 2022. - NCl was experiencing severe financial difficulties and negotiated a restructuring of the terms of the debt agreement. - First Federal agreed to reduce last year's interest and the remaining two years' interest payments to $12,099 each and delay all payments until December 31,2025 , the maturity date. Required: Prepare the journal entries by NCl Industries, Incorporated, necessitated by the restructuring of the debt at: (1) January 1, 2024; (2) December 31, 2024; and (3) December 31, 2025. Note: Do not round Intermedlate calculations. Round final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account fleld. Use tables, Excel, or a financlal calculator. PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1 ) Journal entry worksheet Note: Enter debits before credits