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Nash Corporation is having financial difficulty and therefore has asked Crane National Bank to restructure its $5.9 million note outstanding. The present note has 3 years remaining and pays a current rate of interest of 8%. The present market rate for a loan of this nature is 12%. The note was issued at its face value. The following are four independent situations. Prepare the journal entry that Nash and Crane National Bank would make for each of these restructurings. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to decimal places e.. 58,971. I ne entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) (a) Crane National Bank agrees to take an equity interest in Nash by accepting common stock valued at $3,655,000 in exchange for relinquishing its claim on this note. The common stock has a par value of $1,769,000. (6) Crane National Bank agrees to accept land in exchange for relinquishing its claim on this note. The land has a book value of $3,108.000 and a far value of $3,923,000. (c) Crane National Bank agrees to modify the terms of the note, indicating that Nash does not have to pay any interest on the note over the year period (d) Crane National Bank agrees to reduce the principal balance due to $5,086,207 and require interest only in the second and third year at a rate of 1% Click here to view factor tables. No. Account Titles and Explanation Debit Credit (a) Nash Corporation Notes Payable Common Stock Paid in Capital in Excesso Gain on Restructuring of CALCULATE CES Paid-in Capital in Excess o Gain on Restructuring of D Crane National Bank Equity Investments Allowance for Doubtful Acc Notes Receivable 1 (b) Nash Corporation 100001 Notes Payable Land Gain on Disposal of Plant X Gain on Restructuring of D Crane National Bank Study Land Allowance for Doubtful Ace Land Gain on Disposal of Plant ! Gain on Restructuring of D Crane National Bank Land Allowance for Doubtful Acc 10 000 000 Notes Receivable (c) Nash Corporation No Entry DAL 100 M No Entry Crane National Bank Bad Debt Expense > Allowance for Doubtful Acc (d) Nash Corporation TNO Entry Poliev @ 2nnn.20 In wil T. IND LOR CAL Allowance for Doubtful Acc Notes Receivable (c) Nash Corporation 10 00 No Entry 0 No Entry Crane National Bank Bad Debt Expense Allowance for Doubtful Acc (d) Nash Corporation No Entry No Entry Crane National Bank Bad Debt Expense Allowance for Doubtful Acc