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(Restructure of Note under Different Circumstances) Halvor Corporation is having financial difficulty and there- fore has asked Frontenac National Bank to restructure its $5 million note outstanding. The present note has 3 years remaining and pays a current rate of interest of 10%. The present market rate for a loan of this nature is 12%. The note was issued at its face value. Instructions The following are four independent situations. Prepare the journal entry that Halvor and Frontenac National Bank would make for each of these restructurings. (a) Frontenac National Bank agrees to take an equity interest in Halvor by accepting common stock valued at $3,700,000 in exchange for relinquishing its claim on this note. The common stock has a par value of $1,700,000. (b) Frontenac National Bank agrees to accept land in exchange for relinquishing its claim on this note. The land has a book value of $3,250,000 and a fair value of $4,000,000

Date	Account Titles				Debit	Credit
	Halvor Corporation:
	Notes Payable (to Frontenac National Bank)				5,000,000.00	$
	Common Stock				$	1,700,000.00
	Paid-in-capital in excess of par-common stock (3,700,000-1,700,000)				$	2,000,000.00
	Gain on restruturing of debt				$	1,300,000.00
	(To record common stock issued against notes payable)
Computation of gain on restructuring debt:
	Fair value of equity				$
	Carrying amount of debt				$
	A				$
	Frontenac National Bank:				Debit	Credit
	Equity investment				3,700,000.00	$
	Allownace for doubtful accounts				1,300,000.00	$
	nnnnnNotes receivable ( from Halvor Corporation)				$	5,000,000.00