Exercise 14-24 (Part Level Submission) On December 31, 2017, the American Bank enters into a debt restructuring agreement with Riverbed Company, which is now experiencing financial trouble. The bank agrees to restructure a 12%, issued at par, $2,400,000 note receivable by the following modifications: 1. Reducing the principal obligation from $2,400,000 to $1,580,000. 2. Extending the maturity date from December 31, 2017, to January 1, 2021. 3. Reducing the interest rate from 12% to 10%. Riverbed pays interest at the end of each year. On January 1, 2021, Riverbed Company pays $1,580,000 in cash to American Bank. (a) Can Riverbed Company record a gain under this term modification? If yes, compute the gain for Riverbed Company. If no, enter amount as 0. The gain for Riverbed Company + Click if you would like to Show Work for this question: Open Show Work