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, EVA 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 1 Land 36 Bad debt expense 8 Notes receivable 40 Interest receivable 4Journal entry worksheet 2 3 5 6 > Record the loss on troubled debt restructuring. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021 Bad debt expense 11,219,014 Interest receivable 4,000,000 Allowance for uncollectible accounts 7,219,014 Record entry Clear entry View general journalJournal entry worksheet 2 3 5 6 Record the interest revenue. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021 Cash 2,800,000 Allowance for uncollectible accounts 478,099 Interest revenue 3,278,099 Record entry Clear entry View general journalJournal entry worksheet A 2 5 6 Record the interest revenue. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2022 Cash 2,800,000 Allowance for uncollectible accounts 525,909 Interest revenue 3,325,909 Record entry Clear entry View general JournalJournal entry worksheet