Marigold Corp. owes Swifty Corp. a 10-year, 10% note in the amount of $ 369,600 plus $ 36,960 of accrued interest. The note is due today, December 31, 2020. Because Marigold Corp. is in financial trouble, Swifty Corp. agrees to forgive the accrued interest, $ 33,600 of the principal, and to extend the maturity date to December 31, 2023. Interest at 10% of revised principal will continue to be due on 12/31 each year. Assume the following present value factors for 3 periods. 21/4% 23/8% 21/2% 25/% 23/% 3% Single sum 0.93543 0.93201 0.92859 0.92521 0.92184 0.91514 Ordinary annuity of 1 2.86989 2.86295 2.85602 2.84913 2.84226 2.82861 Click here to view factor tables. Compute the new effective-interest rate for Marigold Corp. following restructure. (Hint: Find the interest rate that establishes approximately $ 406,560 as the present value of the total future cash flows.) (Round effective interest rate to 3 decimal places, e.g. 4.657%.) Effective interest rate % Prepare a schedule of debt reduction and interest expense for the years 2020 through 2023. (Round answers to 0 decimal places, e.g. 38,548.) SCHEDULE OF DEBT REDUCTION AND INTEREST EXPENSE AMORTIZATION Cash Paid Interest Expense Premium Amortized Carrying Amount of Note ate 31/20 $ $ $ $ 31/21 31/22 31/23 31/23 Compute the gain or loss for Swifty Corp. and prepare a schedule of receivable reduction and interest revenue for the years 2020 through 2023. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answers to 0 decimal places e.g. 58,971.) The gain or loss for Swifty Corp. $ SCHEDULE OF DEBT REDUCTION AND INTEREST EXPENSE AMORTIZATION Cash Received Interest Revenue Change in Carrying Amount Carrying Amount of Note ate 31/20 $ $ $ $ 31/21 31/22 31/23 31/23 Prepare all the necessary journal entries on the books of Marigold Corp. for the years 2020, 2021, and 2022. (Round answers to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 Interest Payable Notes Payable Dec. 31, 2021 Interest Expense Notes Payable Cash Dec. 31, 2022 Interest Expense Notes Payable Cash Prepare all the necessary journal entries on the books of Swifty Corp. for the years 2020, 2021, and 2022. (Round answers to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 Bad Debt Expense Allowance for Doubtful Accounts Dec. 31, 2021 Cash Interest Revenue Dec. 31, 2022 Cash Interest Revenue