On December 31, 2009, the Thomas Company is in default on its 10% bank loan, which is currently due. The company owes $1,000,000 on the loan and $50,000 in past due interest. The bank has agreed to reduce the loan principal by $200,000, forgive the $50,000 of past interest, extend the loan maturity date by 4 years, and reduce the interest rate on the loan to 6%. Interest payments are due each December 31 1. Prepare the journal entry by Thomas to record the loan restructuring on December 31, 2009, 2. Prepare the journal entry to record the first payment on December 31, 2010