On December 31, 2020, American Bank enters into a debt restructuring agreement with Pearl Company, which is now experiencing financial trouble. The bank agrees to restructure a 12%, issued at par, $4,310,000 note receivable by the following modifications:

1.		Reducing the principal obligation from $4,310,000 to $3,448,000.
2.		Extending the maturity date from December 31, 2020, to January 1, 2024.
3.		Reducing the interest rate from 12% to 10%.

Pearl pays interest at the end of each year. On January 1, 2024, Pearl Company pays $3,448,000 in cash to American Bank.

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

	PEARL COMPANY Interest Payment Schedule After Debt Restructuring Effective-Interest Rate
	Cash Paid	Interest Expense	Reduction of Carrying Amount	Carrying Amount of Note
12/31/2020
12/31/2021
12/31/2022
12/31/2023
Total