Question 1: On April 1, 2022, Sunland Corp. sold 12,000 of its $600 face value, 15-year, 10% bonds at 96. Interest payment dates are April 1 and October 1. The company follows ASPE and uses the straight-line method of bond discount amortization. On March 1, 2023, Sunland extinguished 3,000 of the bonds by issuing 60,000 shares. At this time, the accrued interest was paid in cash to the bondholders whose bonds were being extinguished. In a separate transaction on March 1, 2023, 120,000 of the company's shares sold for $32 per share. (Please show all work!) a) Prepare Sunland's journal entry to record the payment of the semi-annual interest on October 1, 2022.0 Question 2: Wildhorse Corp. currently has an issued debenture outstanding with Abbra Bank. The note has a principal of $5 million, it was issued at face value, and interest is payable at 7%. The term of the debenture was 10 years, and it was issued on December 31, 2015. The current market rate for this debenture is 9%. Wildhorse has been experiencing financial difficulties and has asked Abbra Bank to restructure the note. Both Widhourse and Abbra Bank prepare financial statements in accordance with IFRS. It is currently December 31, 2022. For each of the following independent situations related to the above scenario, prepare the journal entries that Sheridan and Abbra Bank would make for the restructuring that is described. (Please show all work!) a) Abbra Bank agrees to reduce the principal to $1.6 million and require interest only in the third year at 4%, waiving the first 2 years' worth of interest.