On December 31, 2015, Bramble Corp. is in financial difficulty and cannot pay a note due that day. It is a $3000000 note with $300000 accrued interest payable to Cullumber, Inc. Cullumber agrees to accept from Bramble equipment that has a fair value of $1460000, an original cost of $2400000, and accumulated depreciation of $1140000. Cullumber also forgives the accrued interest, extends the maturity date to December 31, 2018, reduces the face amount of the note to $1240000, and reduces the interest rate to 6%, with interest payable at the end of each year Bramble should record interest expense for 2018 of O $O $223200. $74400 $148800