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On December 3 1 , 2 0 2 3 , Green Bank enters into a debt restructuring agreement with Tamarisk Inc., which is now experiencing

On December 31,2023, Green Bank enters into a debt restructuring agreement with Tamarisk Inc., which is now experiencing
financial trouble. The bank agrees to restructure a $2.9-million, 10% note receivable issued at par by the following modifications:
Reducing the principal obligation from $2.9 million to $2.76 million
Extending the maturity date from December 31,2023, to December 31,2026
Reducing the interest rate from 10% to 8%
Tamarisk pays interest at the end of each year. On January 1,2027, Tamarisk pays $2.76 million in cash to Green Bank. Tamarisk
prepares financial statements in accordance with IFRS 9.
(b)
Your answer is incorrect.
Prepare an entry at December 31,2023, based on the results of your calculation. (Round answers to 0 decimal places, e.g.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 0 for the amounts. List debit entry before credit entry.)
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