On January $1,2024,$ ICN, Incorporated, was Indebted to First Bank under a $\backslash (\backslash$$ $480,000,10\backslash \%\backslash )$ unsecured note. The note was signed January $1,2020,$ and was due December $31,2025.$ Annual Interest was last paid on December $31,2022.$ ICN was experiencing severe financial difficulties and negotlated a restructuring of the terms of the debt agreement. First Bank agreed to reduce last year's interest and the remaining two years' Interest payments to $\backslash (\backslash$$ $23,110\backslash )$ each and delay all payments untll December $31,2025,$ the maturity date.

Note: Use tables, Excel, or a financlal calculator. $($FV of $\backslash$$$1,$ PV of $\backslash$$$1,$ FVA of $\backslash$$$1,$ PVA of $\backslash$$$1,$ FVAD of $\backslash$$$1$ and PVAD of $\backslash$$$1)$

Required:

Prepare the Journal entrles by ICN, Incorporated necessitated by the restructuring of the debt at $($A$)$ January $1,2024,($B$)$ December $31,2024,$ and $($C$)$ December $31,2025.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No Journal entry required" In the first account fleld.

Journal entry worksheet

Record the restructuring of the debt at January $1,2024.$

Note: Enter debits before credits. Journal entry worksheet

$1$

$3$

$4$

Record the restructuring of the debt at December $31,2024.$

Note: Enter debits before credits. Journal entry worksheet

$1$

$2$

$4$

Record the restructuring of the debt for the revised interest amount at December $31,2025.$

Note: Enter debits before credits. Journal entry worksheet

$1$

$2$

$3$

$4$

Record the restructuring of the debt for the revised principal amount at December $31,2025.$

Note: Enter debits before credits.