Short problem ||| Question 20 (12 points) At January 1, 2022, Riddler Company owed Bookworm Bank $700,000, under a 6% loan with three years remaining to maturity. Because of ongoing financial troubles, Riddler was unable to pay the 2021 interest. Bookworm Bank agreed to accept land having a fair value of $615,000 as settlement of the debt. Riddler had purchased the Land in 2017 for $635,000. Required: Prepare the journal entries to record the restructuring of the debt by Riddler Company