PLODIEN 7-12 (Miyu) TOUDIED DENI TESTUCIONNY (Appendix 7D] Rothschild Chair Company, Incorporated, was indebted to First...

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PLODIEN 7-12 (Miyu) TOUDIED DENI TESTUCIONNY (Appendix 7D] Rothschild Chair Company, Incorporated, was indebted to First Lincoln Bank under a $22 million, 10% unsecured note. The note was signed January 1, 2014, and was due December 31, 2027. Annual interest was last paid on December 31, 2022. At January 1, 2024, Rothschild Chair Company was experiencing severe financial difficulties and negotiated a restructuring of the terms of the debt agreement. Note: Use appropriate factor(s) from the tables provided. (EV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) Required: Prepare all journal entries by First Lincoln Bank to record the restructuring and any remaining transactions, for current and future years, relating to the debt under each of the independent circumstances below: 1. First Lincoln Bank agreed to settle the debt in exchange for land having a fair value of $18 million but carried on Rothschild Chain Company's books at $15 million. 2. First Lincoln Bank agreed to (a) forgive the interest accrued from last year, (b) reduce the remaining four interest payments to $1.1 million each, and (c) reduce the principal to $17 million. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 First Lincoln Bank agreed to (a) forgive the interest accrued from last year, (b) reduce the remaining four interest payments to $1.1 million each, and (c) reduce the principal to $17 million. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate and final answer to whole dollars. NO 1 Date January 01, 2024 Bad debt expense General Journal Debit Credit Interest receivable Allowance for uncollectible accounts 2 December 31, 202 Cash 1,100,000 Allowance for uncollectible accounts Interest revenue 3 December 31, 202 Cash 1,100,000 Allowance for uncollectible accounts Interest revenue 4 December 31, 202 Cash 1,100,000 Allowance for uncollectible accounts Interest revenue 5 December 31, 202 Cash 1,100,000 Allowance for uncollectible accounts Interest revenue 2,200,000 6 December 31, 202 Cash 17,000,000 Allowance for uncollectible accounts 5,000,000 Notes receivable 22,000,000 PLODIEN 7-12 (Miyu) TOUDIED DENI TESTUCIONNY (Appendix 7D] Rothschild Chair Company, Incorporated, was indebted to First Lincoln Bank under a $22 million, 10% unsecured note. The note was signed January 1, 2014, and was due December 31, 2027. Annual interest was last paid on December 31, 2022. At January 1, 2024, Rothschild Chair Company was experiencing severe financial difficulties and negotiated a restructuring of the terms of the debt agreement. Note: Use appropriate factor(s) from the tables provided. (EV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) Required: Prepare all journal entries by First Lincoln Bank to record the restructuring and any remaining transactions, for current and future years, relating to the debt under each of the independent circumstances below: 1. First Lincoln Bank agreed to settle the debt in exchange for land having a fair value of $18 million but carried on Rothschild Chain Company's books at $15 million. 2. First Lincoln Bank agreed to (a) forgive the interest accrued from last year, (b) reduce the remaining four interest payments to $1.1 million each, and (c) reduce the principal to $17 million. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 First Lincoln Bank agreed to (a) forgive the interest accrued from last year, (b) reduce the remaining four interest payments to $1.1 million each, and (c) reduce the principal to $17 million. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate and final answer to whole dollars. NO 1 Date January 01, 2024 Bad debt expense General Journal Debit Credit Interest receivable Allowance for uncollectible accounts 2 December 31, 202 Cash 1,100,000 Allowance for uncollectible accounts Interest revenue 3 December 31, 202 Cash 1,100,000 Allowance for uncollectible accounts Interest revenue 4 December 31, 202 Cash 1,100,000 Allowance for uncollectible accounts Interest revenue 5 December 31, 202 Cash 1,100,000 Allowance for uncollectible accounts Interest revenue 2,200,000 6 December 31, 202 Cash 17,000,000 Allowance for uncollectible accounts 5,000,000 Notes receivable 22,000,000