Marin Corp. owes Cullumber Corp. a $ 105,790, 10-year, 10% note issued at par plus $ 10,579 of accrued interest. The note is due today, December 31, 2020. Because Marin Corp. is in financial trouble, Cullumber Corp. agrees to forgive the accrued interest and $ 10,840 of the principal, and to extend the maturity date to December 31, 2023. 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. Marin and Cullumber prepare financial statements in accordance with IFRS. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. 1 Your answer is incorrect Using (1) factor tables, (2) a financial calculator, or (3) Excel function PV, determine if this is a settlement or a modification. (Hint: (a (, Refer to Chapter 3 for tips on calculating.) Settlement e Textbook and Media List of Accounts Your answer is partially correct. Prepare a schedule of the debt reduction and interest expense for the years 2020 through 2023. (Do not leave any answer field blank. Enter o for amounts.) Marin Corp. SCHEDULE OF DEBT REDUCTION AND INTEREST EXPENSE AMORTIZATION Effective Interest Change in Carrying (Market) Amount Date Cash Interest Carry 12/31/20 $ 12/31/21 $ 9495 $ $ 9495 $ 0 12/31/22 9495 9495 12/31/23 9495 9495 0 12/31/23 94950 0 94950 e Textbook and Media List of Accounts Your answer is incorrect. Calculate the gain or loss for Cullumber Corp. and prepare a schedule of the receivable reduction and interest income for the years 2020 through 2023. (Round answers to O decimal places, eg. 5,275. Do not leave any answer field blank. Enter for amounts.) Gain on restructure $ Cullumber Corp. Effective Interest (Market) Change in Carrying Amount Carrying An of Not late Cash Interest 31/20 31/21 $ 31/22 DONI 31/23 31/23 * Your answer is incorrect. Prepare all the necessary journal entries on the books of Marin Corp. for the years 2020, 2021, and 2022. (Round answers to o decimal places, eg. 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 for the amounts.) Date Account Titles and Explanation Debit CI Dec. 31, 2020 i i HODOBNO e Textbook and Media List of Accounts * Your answer is incorrect. Prepare all the necessary journal entries on the books of Cullumber Corp.for the years 2020, 2021, and 2022. Assume that Cullumber had not previously recognized any impairment. (Round answers to decimal places, eg. 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 for the amounts.) Date Account Titles and Explanation Debit i i TAMOON EE Marin Corp. owes Cullumber Corp. a $ 105,790, 10-year, 10% note issued at par plus $ 10,579 of accrued interest. The note is due today, December 31, 2020. Because Marin Corp. is in financial trouble, Cullumber Corp. agrees to forgive the accrued interest and $ 10,840 of the principal, and to extend the maturity date to December 31, 2023. 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. Marin and Cullumber prepare financial statements in accordance with IFRS. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. 1 Your answer is incorrect Using (1) factor tables, (2) a financial calculator, or (3) Excel function PV, determine if this is a settlement or a modification. (Hint: (a (, Refer to Chapter 3 for tips on calculating.) Settlement e Textbook and Media List of Accounts Your answer is partially correct. Prepare a schedule of the debt reduction and interest expense for the years 2020 through 2023. (Do not leave any answer field blank. Enter o for amounts.) Marin Corp. SCHEDULE OF DEBT REDUCTION AND INTEREST EXPENSE AMORTIZATION Effective Interest Change in Carrying (Market) Amount Date Cash Interest Carry 12/31/20 $ 12/31/21 $ 9495 $ $ 9495 $ 0 12/31/22 9495 9495 12/31/23 9495 9495 0 12/31/23 94950 0 94950 e Textbook and Media List of Accounts Your answer is incorrect. Calculate the gain or loss for Cullumber Corp. and prepare a schedule of the receivable reduction and interest income for the years 2020 through 2023. (Round answers to O decimal places, eg. 5,275. Do not leave any answer field blank. Enter for amounts.) Gain on restructure $ Cullumber Corp. Effective Interest (Market) Change in Carrying Amount Carrying An of Not late Cash Interest 31/20 31/21 $ 31/22 DONI 31/23 31/23 * Your answer is incorrect. Prepare all the necessary journal entries on the books of Marin Corp. for the years 2020, 2021, and 2022. (Round answers to o decimal places, eg. 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 for the amounts.) Date Account Titles and Explanation Debit CI Dec. 31, 2020 i i HODOBNO e Textbook and Media List of Accounts * Your answer is incorrect. Prepare all the necessary journal entries on the books of Cullumber Corp.for the years 2020, 2021, and 2022. Assume that Cullumber had not previously recognized any impairment. (Round answers to decimal places, eg. 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 for the amounts.) Date Account Titles and Explanation Debit i i TAMOON EE