Exercise 14-24 (Part Level Submission) On December 31, 2017, the American Bank enters into a debt restructuring agreement with Marigold Company, which is now experiencing financial trouble. The bank agrees to restructure a 12%, issued at par, $4,400,000 note receivable by the following modifications: 1. Reducing the principal obligation from $4,400,000 to $2,990,000. 2. Extending the maturity date from December 31, 2017, to January 1, 2021. 3. Reducing the interest rate from 12% to 10%. Marigold pays interest at the end of each year. On January 1, 2021, Marigold Company pays $2,990,000 in cash to American Bank. v (a) 2 Your answer is partially correct. Try again. Can Marigold Company record a gain under this term modification? ves a If yes, compute the gain for Marigold Company. If no, enter amount as 0. The gain for Marigold Company 214000 Click if you would like to Show work for this question: Open Show Work