On December 31, 2017. American Bank enters into a debt restructuring agreement with Oriole Company, which is now experiencing financial trouble. The bank agrees to restructure a 12%, issued at par, $2,400,000 note receivable by the following modifications: 1. Reducing the principal obligation from $2,400,000 to $1.920,000. 2. Extending the maturity date from December 31, 2017 to January 1, 2021. 3. Reducing the interest rate from 12% to 10% Oriole pays interest at the end of each year. On January 1, 2021. Oriole Company pays $1.920,000 in cash to American Bank. Part 1 Part 2 Part 3 - Your answer is partially correct. Assuming that the interest rate Oriole should use to compute interest expense in future periods is 1.4276%, prepare the interest payment schedule of the note for Oriole Company after the debt restructuring (Round answers to decimal places, e.g.38,548.) ORIOLE COMPANY Interest Payment Schedule After Debt Restructuring Effective Interest Rate Reduction Interest of Carrying Amount Cash Carrying Amount of Note Date Expense 12/31/17 12/31/18 182880 12/31/19 181968 12/31/20 180965 Total 179861 Part 4 - Your answer is partially correct. Prepare the interest payment entry for Oriole Company on December 31, 2019. (Round answers to O decimal places, c.g. 38,548. If no entry is required, select "No Entry for the account tities and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation December 31, 2019 Bad Debt Expense 572,230 Allowance for Doubtful Accounts 572,230 eTextbook and Media List of Accounts Attempts: 1 of 15 used Save for Later Submit Answer Part 5 - Your answer is partially correct. What entry should Oriole make on January 1, 2021? (Round answers to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry for the account titles and enter when amount is entered. Do not indent manually) for the amounts. Credit account titles are automatically indented Debit Credit Date Account Titles and Explanation December 31, 2021 Bad Debt Expense 571200 Allowance for Doubtful Accounts 571200