Im looking for answers to E14-23 from the attached image. It uses information from the previous question (E14-22) which is why I posted both, but I only need answers to 14-23 (A, B, C, D, E).

Thank you!

E14-22 (Term touble The bank agment Modification without Gain--Debtor's Entries) On December 31, 2014, the American Bank a debt restructuring agreement with Barkley Company, which is now experiencing financia bank agrees to restructure a 12%, issued at par, $3,000,000 note receivable by the following modifications: Reducing the principal obligation from $3,000,000 to $2,400,000. . tending the maturity date from December 31, 2014, to January 1, 2018. Reducing the interest rate from 12% to 10%. 2. Ex Barkley pays interest at the end of each year. On January 1, 2018, Barkley Company pays $2,400 ,000 in cash to Firstar Bank Instructions a) Will the gain recorded by Barkley be equal to the loss recorded by American Bank under the debt restructuring? b) Can Barkley Company record a gain under the term modification mentioned above? Explain. (c) Assuming that the interest rate Barkley should use to compute interest expense in future periods is 1.4276%, prepare the interest payment schedule of the note for Barkley Company after the debt restructuring (d) Prepare the interest payment entry for Barkley Company on December 31, 2016. e) What entry should Barkley make on January 1, 2018? E14-23 (Term Modification without Gain-Creditor's Entries) Using the same information as in E14-22, answer the following questions related to American Bank (creditor). Instructions a) What interest rate should American Bank use to calculate the loss on the debt restructuring? (b) Compute the loss that American Bank will suffer from the debt restructuring. Prepare the journal entry to record the loss. d Prepare the interest receipt schedule for American Bank after the debt restructuring. (d) Prepare the interest receipt entry for American Bank on December 31, 2016. e) What entry should American Bank make on January 1, 2018