On December 31, 2017, American Bank enters into a debt restructuring agreement with Kingbird Company, which is now experiencing financial trouble. The bank agrees to restructure a 12%, issued at par, $2,900,000 note receivable by the following modifications: 1. Reducing the principal obligation from $2,900,000 to $2,320,000. 2. Extending the maturity date from December 31, 2017, to January 1, 2021. 3. Reducing the interest rate from 12% to 10%. Kingbird pays interest at the end of each year. On January 1, 2021, Kingbird Company pays $2,320,000 in cash to American Bank

Assuming that the interest rate Kingbird should use to compute interest expense in future periods is 1.4276%, prepare the interest payment schedule of the note for Kingbird Company after the debt restructuring. (Round answers to 0 decimal places, e.g. 38,548.)

Prepare the interest payment entry for Kingbird Company on December 31, 2019. (Round answers to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

What entry should Kingbird 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 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.