Crane Corp. owes $283,000$ to Cheyenne Trust. The debt is a $10-$year, $12\%$ note due December $31,2025.$ Because Crane Corp. is in financial trouble, Cheyenne Trust agrees to extend the maturity date to December $31,2027,$ reduce the principal to $$234,000,$ and reduce the interest rate to $7\%,$ payable anually on December $31.$