On December 31, 2020, American Bank enters into a debt restructuring agreement with Whispering Company, which is now experiencing financial trouble. The bank agrees to restructure a 12%, issued at par, $2,540,000 note receivable by the following modifications: 1. Reducing the principal obligation from $2,540,000 to $2,032,000. 2. Extending the maturity date from December 31, 2020, to January 1, 2024. 3. Reducing the interest rate from 12% to 10%. Whispering pays interest at the end of each year. On January 1, 2024, Whispering Company pays $2,032,000 in cash to American Bank. Will the gain recorded by Whispering be equal to the loss recorded by American Bank under the debt restructuring? Can Whispering Company record a gain under the term modification mentioned above? Assuming that the interest rate Whispering should use to compute interest expense in future periods is 1.4276%, prepare the interest payment schedule of the note for Whispering Company after the debt restructuring. (Round answers to 0 decimal places, e.g. 38,548.) Prepare the interest payment entry for Whispering Company on December 31, 2022. (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 Whispering make on January 1, 2024? (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.)