Kingbird Corp. owes Blossom Corp. a $117,430, 10-year, 10% note issued at par plus $11,743 of accrued interest. The note is due today, December 31, 2023. Because Kingbird is in financial trouble, Blossom agrees to forgive the accrued interest and $10,690 of the principal and to extend the maturity date to December 31,2026. Interest at 10% of the revised principal will continue to be due on December 31 of each year. Assume the market rate of interest is 10% at the date of refinancing. Kingbird and Blossom prepare financial statements in accordance with IFRS.

a) Using (1) factor tables, (2) a financial calculator, or (3) Excel function PV, determine if this is a settlement or a modification. (Hint: Refer to Chapter 3 for tips on calculating.) This part I answered correctly, It's settlement.

b) Please help to prepare the schedule below. There are tables if needed.

Prepare a schedule of the debt reduction and interest expense for the years 2023 through 2026 . (Do not leave any answer field blank. Enter 0 for amounts.) PVFn,i=(1+i)n1=(1+i)n PVFADn,i=1+i1(1+i)n11