On January 1, 20x1, Bar Harbor Corp. borrowed $9,000 from Bank North Inc. Bar Harbor promised to repay $12,000 on December 31, 20x6 (6 years). No interest is stated in the lending agreement. On January 1, 20x3, with four years remaining on the loan, Bank North Inc. determined that the note was impaired. Prepare entries necessary to record the following independent situations. Use the present value tables provided and round all amounts to the nearest dollar. Situation 1 On January 1, 20x3, Bank North estimated that it would collect only $10,000 (not $12,000) on December 31, 20x6. The note was not formally restructured. Interest rates for the two parties had increased to 12% on January 1, 20x3. 3A. Prepare all entries needed by Bar Harbor (debtor) to record the note during 20x3. 3B. Prepare all entries needed by Bank North (creditor) to record the impaired note during 20x3. Bank North uses the effective-interest method to record impaired notes