On December 31, 2020, Albright Bank restructures an $800,000, 12% note receivable with $192,000 of accrued interest so that the new principal is $750,000, payable in four years at 10%. Present value factors for n = 4 years are: Discount rate PV of $1 PV of an annuity of $1 10% 0.683013 3.169865 12% 0.635518 3.037350

Required:

a. Prepare the journal entry to record the loss on restructuring.

b. Prepare the journal entry to record the 2020 interest revenue.

c. Compute the carrying value of the note on December 31, 2018.

d. Compute the carrying value of the note on December 31, 2024 before the payment is received