On December 31, 2020, American Bank enters into a debt restructuring agreement with Splish Company, which is now experiencing financial trouble. The bank agrees to restructure a 12%, issued at par, $3,890,000 note receivable by the following modifications:

1.		Reducing the principal obligation from $3,890,000 to $3,112,000.
2.		Extending the maturity date from December 31, 2020, to January 1, 2024.
3.		Reducing the interest rate from 12% to 10%.

Splish pays interest at the end of each year. On January 1, 2024, Splish Company pays $3,112,000 in cash to American Bank.

Assuming that the interest rate Splish should use to compute interest expense in future periods is 1.4276%, prepare the interest payment schedule of the note for Splish Company after the debt restructuring.

SPLISH COMPANY Interest Payment Schedule After Debt Restructuring Effective-Interest Rate
Date		Cash Paid		Interest Expense		Reduction of Carrying Amount		Carrying Amount of Note
12/31/20		$		$		$		$
12/31/21
12/31/22
12/31/23
Total		$		$