Exercise 14-24 (Part Level Submission) On December 31, 2020, Green Bank enters into a debt restructuring agreement with Marin Inc., which is now experiencing financial trouble. The bank agrees to restructure a $2.9-million, 10% note receivable issued at par by the following modifications: 1. Reducing the principal obligation from $2.9 million to $2.76 million 2. Extending the maturity date from December 31, 2020, to December 31, 2023 3. Reducing the interest rate from 10% to 8% Marin pays interest at the end of each year. On January 1, 2024, Marin Inc. pays $2.76 million in cash to Green Bank. Marin prepares financial statements in accordance with IFRS 9. (b) Your answer is partially correct. Try again. Prepare an entry at December 31, 2020, based on the results of your calculation. (Round 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 Debit Credit December 31, 2020 Notes Payable 347600 Gain on Restructuring 347600