Marin Corp. owes Cullumber Corp. a $106,000, 10-year, 10% note issued at par plus $10,600 of accrued interest. The note is due today, December 31, 2023. Because Marin is in financial trouble, Cullumber agrees to forgive the accrued interest and $10,280 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. Marin and Cullumber prepare financial statements in accordance with IFRS. factor table PRESENT VALUE OF 1. factor table PRESENT VALUE OF AN ANNUITY OF 1. (a) Your answer is correct. 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.) blank. Enter O for amounts.) (c) Calculate the gain or loss for Cullumber and prepare a schedule of the receivable reduction and interest income for the years 2023 through 2026. (Round answers to O decimal ploces, e 8. 5275. Do not leave any answer field blank. Enter ofor amounts.) Marin Corp. owes Cullumber Corp. a $106,000, 10-year, 10% note issued at par plus $10,600 of accrued interest. The note is due today, December 31, 2023. Because Marin is in financial trouble, Cullumber agrees to forgive the accrued interest and $10,280 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. Marin and Cullumber prepare financial statements in accordance with IFRS. factor table PRESENT VALUE OF 1. factor table PRESENT VALUE OF AN ANNUITY OF 1. (a) Your answer is correct. 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.) blank. Enter O for amounts.) (c) Calculate the gain or loss for Cullumber and prepare a schedule of the receivable reduction and interest income for the years 2023 through 2026. (Round answers to O decimal ploces, e 8. 5275. Do not leave any answer field blank. Enter ofor amounts.)