On December 31, 2020, American Bank enters into a debt restructuring agreement with Buffalo Company, which is now experiencing financial trouble. The bank agrees to restructure a 12%, issued at par, $4,020,000 note receivable by the following modifications: 1. 2. 3. Reducing the principal obligation from $4,020,000 to $3,216,000. Extending the maturity date from December 31, 2020, to January 1, 2024. Reducing the interest rate from 12% to 10%. Buffalo pays interest at the end of each year. On January 1, 2024, Buffalo Company pays $3,216,000 in cash to American Bank. Part 3 Assuming that the interest rate Buffalo should use to compute interest expense in future periods is 1.4276%, prepare the interest payment schedule of the note for Buffalo Company after the debt restructuring. (Round answers to decimal places, eg.38,548.) BUFFALO COMPANY Interest Payment Schedule After Debt Restructuring Effective-Interest Rate Reduction Interest of Carrying Expense Amount C AI Cash Paid Date 12/31/20 $ $ $ $ $ 12/31/21 12/31/22 12/31/23 Total $ $ $ e Textbook and Media List of Accounts Part 4 Prepare the interest payment entry for Buffalo Company on December 31, 2022. (Round answers to decimal places, eg. 38,548. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date December 31, 2022 eTextbook and Media List of Accounts Save for Later Attempts: 0 of 15 used Submit Answer Part 5 What entry should Buffalo make on January 1, 2024? (Round answers to decimal places, eg. 38,548. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date December 31, 2024