Question: Fourth time posting this question. Please try to answer accurately. Thank you. At January 1, 2016, Rothschild Chair Company, Inc., was indebted to First Lincoln

Fourth time posting this question. Please try to answer accurately. Thank you.

you. At January 1, 2016, Rothschild Chair Company, Inc., was indebted to

At January 1, 2016, Rothschild Chair Company, Inc., was indebted to First Lincoln Bank under a $39 million, 10% unsecured note. The note was signed January 1, 2013, and was due December 31, 2019. Annual interest was last paid on December 31, 2014. 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. FVA 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 Rothschild Chair Company, Inc, to record the restructuring and any remaining transactions relating to the debt under each of the independent circumstances below 1. First Lincoin Bank agreed to settle the debt in exchange for land having a fair value of $35 million but carried on Rothschild Chair Company's books at $30.1 million. (Enter your answer in millions. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to 1 decimal places.) View transaction list View journal entry worksheet X l ebit Credit 4.9 4.9 Record any necessary adjustment to land prior to recording the exchange for debt. 39.9 Record the settlement of debt in exchange for land. / : 3.9 7.9 35.0

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