o On December 31, 2018 Mancing is in tradimen Cumbergrees to prom o that courtest the date 2021 t of $1400 th do that day it is $290000 note with $290000 ccrued interest able to Cullumber, Inc. oral cost of 52410000 d mulated depreciation of 51150000 Cumber forgives the 12000 and reduces the interest rates with interest the end of each V should record interese per for 2021 522600 575000 5151200 On December 31, 2018, Vaughn Manufacturing is in financial difficulty and cannot pay a note due that day. It is a $2900000 note with $200000 accrued interest payable to CullumberInc. Cullumber agrees to accept from Vaughn equipment that has a fair value of $1440000, an original cost of $2410000, and accumulated depreciation of $1150000 Cullumber also forgives the accrued interest, extends the maturity date to December 31, 2021. reduces the face wount of the note to $1260000, and reduces the interest rate to 6%, with interest payable at the end of each yo Vaughn should record interest expense for 2021 of $26800 $75600 $151200