On January 1, 2019, Boonville Corporation is delinquent on a $300,000 note to Great National Bank on which $47,100 of interest has accrued. On January 2, 2019, Boonville enters into a debt restructuring agreement with the bank. Required: Prepare the journal entries for Boonville to record the restructuring agreement assuming: 1. the bank accepts 10,000 shares of Boonville's $10 par common stock that is currently selling for $33 per share in full settlement of the debt. 2. the bank accepts land with a fair value of $326,900 in full settlement of the debt. The land is being carried on Boonville's books at a cost of $309, 100. ASSETS REVENUE 111 Cash 411 Sales Revenue 121 Accounts Receivable 435 Gain on Debt Restructure 439 Gain on Disposal of Land 141 Inventory 152 Prepaid Insurance 171 Land EXPENSES 181 Equipment 198 Accumulated Depreciation 500 Cost of Goods Sold 511 Insurance Expense 512 Utilities Expense 521 Salaries Expense 532 Bad Debt Expense LIABILITIES 540 Interest Expense 211 Accounts Payable 231 Salaries Payable 250 Unearned Revenue 251 Notes Payable 541 Depreciation Expense 559 Miscellaneous Expenses 256 Interest Payable 910 Income Tax Expense 261 Income Taxes Payable EQUITY 311 Common Stock 315 Additional Paid-In Capital 331 Retained Earnings Prepare the journal entry for Boonville to record the restructuring agreement on January 2, 2019. Assuming the bank accepts 10,000 shares of Boonville's $10 par common stock that is currently selling for $33 per share in full settlement of the debt. General Journal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT Prepare the journal entry for Boonville to record the restructuring agreement on January 2, 2019. Assuming the bank accepts land with a fair value of $326,900 in full settlement of the debt. The land is being carried on Boonville's books at a cost of $309,100. General Journal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT