CullumberInc. issued a debenture bond to Karamoutz Bank to finance new technology it developed. The debenture was for $420,000, issued at face value, with a10-year term and interest payable at10%.CullumberInc.'s new technology proved not to be technically feasible and caused it to go into financial distress. The debenture is due today, December 31, 2020, andCullumberdoes not have the funds to repay the debenture or the interest. As a result, Karamoutz agreed to extend the debenture due date for five more years and reduce the principal amount to $252,000in exchange for receiving16,800common shares ofCullumber, currently trading at $5per share. Interest will still be payable at10% and will continue to be due annually on December 31 of each year.The current market rate is12%.Cullumberprepares financial statements in accordance with IFRS.

Using (1) factor tables, (2) a financial calculator, or (3) Excel function PV, prepare the necessary journal entries on the books ofCullumberInc. from the time of restructuring the debenture through maturity.(For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date Account Titles and Explanation (To record payment of interest) : (To record repayment of note) H HHHHHHHHHHHHHHHHHHHH