PART 2: (10 marks) On January 1, 2016 Shilin Limited issued a 5 year 8.00%$900,000 bond payable to Yangmingshan Bank. Interest payment dates are June 30 and December 31 and the bonds were issued to provide a semi-annual yield of 3.00%. By December 2018 Shilin Limited is in financial difficulties and is about to miss the December 31, 2018 interest payment. Shilin Limited negotiates an arrangement with Yangmingshan Bank whereby Yangmingshan Bank agrees to waive the December 31, 2018 interest payment and to replace, effective December 31,2018 , the above bond with a 8 year $1,050,000 face value bond bearing 10.00% annual interest, payable semi-annually. Due to Shilin Limited's precarious situation, lenders would normally seek a semi-annual return of 7.00% on this 'bail-out' financing. Shilin Limited mistakenly regarded this restructuring arrangement as not substantial (i.e. a modification ) and, other than correctly recognizing the $28,237 interest expense for the six months ending December 31,2018 and the $36,000 interest payable, made no journal entries on December 31, 2018 to reflect this new arrangement. On June 30, 2019 Shilin Limited made the following journal entry. On July 1, 2019 Shilin Limited realises that it had made an error by regarding this restructuring arrangement as not substantial (i.e. a modification) instead of substantial (i.e. a settlement). Shilin Limited has a December 31 accounting year-end and applies IFRS. Required Prepare any correcting journal entries that should be made by Shilin Limited on July 1, 2019