please be sure of your answers

Rothschild Chair Company, Inc., was indebted to First Lincoln Bank under a $40 million, 10% unsecured note. The note was signed January 1, 2011, and was due December 31, 2024. Annual interest was last paid on December 31, 2019. At January 1, 2021, Rothschild Chair Company was experiencing severe financial difficulties and negotiated a restructuring of the terms of the debt agreement. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: Prepare all journal entries by First Lincoln Bank to record the restructuring and any remaining transactions, for current and future years, relating to the debt under each of the independent circumstances below: 1. First Lincoln Bank agreed to settle the debt in exchange for land having a fair value of $36 million but carried on Rothschild Chair Company's books at $33 million. 2. First Lincoln Bank agreed to (a) forgive the interest accrued from last year, (b) reduce the remaining four interest payments to $2.8 million each, and (c) reduce the principal to $35 million. Complete this question by entering your answers in the tabs below. Required 1 Required 2 First Lincoln Bank agreed to settle the debt in exchange for land having a fair value of $36 million but carried on Rothschild Chair Company's books at $33 million. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions.) No Event General Journal Debit Credit Land Bad debt expense Notes receivable 40 Interest receivable 4 1 1 36 8 Required 1 Required 2 First Lincoln Bank agreed to (a) forgive the interest accrued from last year, (b) reduce the remaining four interest payments to $2.8 million each, and (c) reduce the principal to $35 million. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) No Credit Debit 11,219,014 1 Date General Journal January 01, 2021 Bad debt expense Interest receivable Allowance for uncollectible accounts 4,000,000 7,219,014 2 December 31, 20: Cash Allowance for uncollectible accounts Interest revenue 2,800,000 478,099 3,278,099 3 December 31, 20: Cash Allowance for uncollectible accounts Interest revenue 2,800,000 525,909 3,325,909 4 December 31, 20: Cash Allowance for uncollectible accounts Interest revenue 2,800,000 578,500 3,378,500 5 December 31, 201 Cash Allowance for uncollectible accounts Interest revenue 2,800,000 636,349 3,436,349 6 35,000,000 December 31, 20: Allowance for uncollectible accounts Cash 35,000,000 Journal entry worksheet 1 2 3 5 6 > Record the loss on troubled debt restructuring. Note: Enter debits before credits. Credit Date January 01, 2021 Debit 11,219,014 General Journal Bad debt expense Interest receivable Allowance for uncollectible accounts 4,000,000 7,219,014 Record entry Clear entry View general Journal Journal entry worksheet Record the interest revenue. Note: Enter debits before credits. Debit Credit Date General Journal December 31, 2021 Cash Allowance for uncollectible accounts 2,800,000 478,099 Interest revenue 3,278,099 Record entry Clear entry View general Journal Journal entry worksheet