At January $1,2024,$ NCI Industries, Incorporated was indebted to First Federal Bank under a $$241,000,9\%$ unsecured note.The note was signed January $1,2017,$ and was due December $31,2025.$Annual interest was last paid on December $31,2022.$NCI was experiencing severe financial difficulties and negotiated a restructuring of the terms of the debt agreement.First Federal agreed to reduce last year$$s interest and the remaining two years$$ interest payments to $$12,562$ each and delay all payments until December $31,2025,$ the maturity date.Required: Prepare the journal entries by NCI Industries, Incorporated, necessitated by the restructuring of the debt at: $(1)$ January $1,2024$; $(2)$ December $31,2024$; and $(3)$ December $31,2025.$Note: Do not round intermediate calculations. Round final answers to the nearest whole dollar. If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Use tables, Excel, or a financial calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$