Can someone help me with this problem and how they got the answer? Thanks in advance!

On December 31, 2017, American Bank enters into a debt restructuring agreement with Teal Company, which is now experiencing financial trouble. The bank agrees to restructure a 12%, issued at par, $2,600,000 note receivable by the following modifications 1. Reducing the principal obligation from $2,600,000 to $1,720,000 2. Extending the maturity date from December 31, 2017, to January 1, 2021. 3. Reducing the interest rate from 12% to 10%. Teal pays interest at the end of each year. On January 1, 2021, Teal Company pays $1,720,000 in cash to Can Teal Company record a gain under this term modification? If yes, compute the gain for Teal Company. If no, enter amount as 0. The gain for Teal Company Prepare the journal entries to record the gain on Teal's books. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Credit Account Titles and Explanation Debit What interest rate should Teal use to compute its interest expense in future periods? (Round answer to 0 decimal places, e.g. 18%.) The gain Prepare the interest payment schedule of the note for Teal Company after the debt restructuring TEAL COMPANY Interest Payment Schedule After Debt Restructuring Effective-Interest Rate Reduction Carrying Amount of Note Cash of Carrying Interest Date Paid Expense Amount 12/31/117 12/31/18 12/31/19 12/31/20 Total Prepare the interest payment entries for Teal Company on December 31, of 2018, 2019, and 2020. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Debit Date Account Titles and Explanation Credit December 31, 2018 December 31, 2019 December 31, 2020 What entry should Teal make on January 1, 2021? (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date January 1, 2021