On December 31, 2020, Green Bank enters into a debt restructuring agreement with Larkspur Inc., which is now experiencing financial trouble. The bank agrees to restructure a $2.9-million, 10% note receivable issued at par by the following modifications: 1. Reducing the principal obligation from $2.9 million to $2.76 million 2. Extending the maturity date from December 31, 2020, to December 31, 2023 3. Reducing the interest rate from 10% to 8% Larkspur pays interest at the end of each year. On January 1, 2024, Larkspur Inc. pays $2.76 million in cash to Green Bank. Larkspur prepares financial statements in accordance with IFRS 9.