Question: Kingbird AG issued a 90,000, 4-year, 9% note at face value to Flint Hills Bank on January 1, 2022, and received 90,000 cash. The note

Kingbird AG issued a 90,000, 4-year, 9% note at face value to Flint Hills Bank on January 1, 2022, and received 90,000 cash. The note requires annual interest payments each December 31. During 2022, Kingbird experiences financial difficulties. On January 1, 2023, Kingbird negotiates a settlement of the note by issuing to Flint Hills Bank 20,000 1 par Kingbird ordinary shares. The ordinary shares have a market price of 4.40 per share on the date of the settlement. Prepare Kingbirds entries to settle this note.

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