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On December 31, 2020, Flounder Bank enters into a debt restructuring agreement with Barkley Company, which is now experiencing financial trouble. The bank agrees to

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On December 31, 2020, Flounder Bank enters into a debt restructuring agreement with Barkley Company, which is now experiencing financial trouble. The bank agrees to restructure a 12%, issued at par, $4,500,000 note recelvable by the following modifications: 1. Reducing the principat obligation from $4,500,000 to $3,600,000 2. Extending the maturify date from December 31.2020,50 January 1,2024. 3. Reducing the interest rate from 12% to 10%. Barkdey pays interest at the end of ech year. On January 1, 2024, Barkley Company pays $3,600,000 in cash to Flounder Bank: Answer the following questionsrelated to flounder Bank (creditor) Prepare the interest receipt entry for Flounder Bank on December 31, 2022. (Round answers to 0 decimal places, eg. 38,548. If no entry is required, select "No Entry" for the occount tities and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent monually

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