Justin Bieber Corp. currently has an issued debenture outstanding with RBC Bank. The note has a principal of $3 million, was issued at face value, and interest is payable at 8%. The term of the debenture was 10 years and was issued on December 31, 2013. The current market rate for this debenture is 10%. Justin Bieber Corp. has been experiencing financial difficulties and has asked RBC Bank to restructure the note. Both Justin Bieber Corp. and RBC Bank prepare financial statements in accordance with IFRS. It is currently December 31, 2020. Required For each of the following independent situations related to the above scenario, prepare the journal entries that Justin Bieber Corp. and RBC Bank would make for the restructuring that is described. Use finance calculator to calculate the amounts for the journal entries and round amounts to the nearest dollar. a. RBC Bank has agreed to accept common shares with a market value of $2.4 million in exchange for relinquishing this note. Assume that the bank had previously recognized a loss on impairment. b. RBC Bank has agreed to accept a building in exchange for relinquishing this debenture. The building has a carrying amount of $600,000 (original cost was $2.8 million) and a fair value of $2.4 million. Assume that the bank had already recognized a loss on impairment.