On December 31, 2020, Green Bank enters into a debt restructuring agreement with Teal Mountain Inc., which is now experiencing financial trouble. The bank agrees to restructure a $ 2.1-million, 10% note receivable issued at par by the following modifications: 1. 2. Reducing the principal obligation from $ 2.1 million to $ 2.00 million Extending the maturity date from December 31, 2020, to December 31, 2023 Reducing the interest rate from 10% to 8% 3. Teal Mountain pays interest at the end of each year. On January 1, 2024, Teal Mountain Inc. pays $ 2.00 million in cash to Green Bank. Teal Mountain prepares financial statements in accordance with IFRS 9. Prepare an entry at December 31, 2020, based on the results of your calculation. (Round answers to 0 decimal places, eg. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit December 31, 2020 Notes Payable 100000 Gain on Redemption of Bonds 100000 e Textbook and Media List of Accounts Prepare an effective interest amortization table for the remaining term of the note. (Round answers to decimal places, eg. 5,250.) TEAL MOUNTAIN INC. INTEREST PAYMENT SCHEDULE AFTER DEBT RESTRUCTURING Increase of Carrying Amount Cash Interest Effective Interest Date 12/31/20 $ 12/31/21 $ 100000 $ $ 12/31/22 100000 12/31/23 100000 Total $ 300000 $ e Textbook and Media List of Accounts Prepare the interest payment entry for Teal Mountain on December 31, 2022, and the entry on January 1, 2024. (Round answer to O decimal places, eg. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry"for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit December 31, 2022 December 31, 2022 Assume instead that Teal Mountain follows ASPE.Using (1) a financial calculator or (2) Excel function Rate, calculate the rate of interest that Teal Mountain should use to calculate its interest expense in future periods. (Hint: Refer to Chapter 3 for tips on calculating.) (Round answer to 4 decimal places, eg. 1.2246%.) Rate of interest e Textbook and Media List of Accounts Continuing the assumption of following ASPE, prepare an effective interest amortization table for the remaining term of the note. (Round yield values to 4 decimal places, eg. 52.7525 and final answers to decimal places, eg,5,250.) TEAL MOUNTAIN INC. INTEREST PAYMENT SCHEDULE AFTER DEBT RESTRUCTURING Reduction of Carrying Amount Cash Interest Effective Interest Date 12/31/20 12/31/21 $ 12/31/22 12/31/23 Total e Textbook and Media List of Accounts Continuing the assumption of following ASPE, prepare the interest payment entry for Teal Mountain on December 31, 2022, and the entry on January 1, 2024. (Round answer to O decimal places, eg. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit December 31, 2022 January 1, 2024 On December 31, 2020, Green Bank enters into a debt restructuring agreement with Teal Mountain Inc., which is now experiencing financial trouble. The bank agrees to restructure a $ 2.1-million, 10% note receivable issued at par by the following modifications: 1. 2. Reducing the principal obligation from $ 2.1 million to $ 2.00 million Extending the maturity date from December 31, 2020, to December 31, 2023 Reducing the interest rate from 10% to 8% 3. Teal Mountain pays interest at the end of each year. On January 1, 2024, Teal Mountain Inc. pays $ 2.00 million in cash to Green Bank. Teal Mountain prepares financial statements in accordance with IFRS 9. Prepare an entry at December 31, 2020, based on the results of your calculation. (Round answers to 0 decimal places, eg. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit December 31, 2020 Notes Payable 100000 Gain on Redemption of Bonds 100000 e Textbook and Media List of Accounts Prepare an effective interest amortization table for the remaining term of the note. (Round answers to decimal places, eg. 5,250.) TEAL MOUNTAIN INC. INTEREST PAYMENT SCHEDULE AFTER DEBT RESTRUCTURING Increase of Carrying Amount Cash Interest Effective Interest Date 12/31/20 $ 12/31/21 $ 100000 $ $ 12/31/22 100000 12/31/23 100000 Total $ 300000 $ e Textbook and Media List of Accounts Prepare the interest payment entry for Teal Mountain on December 31, 2022, and the entry on January 1, 2024. (Round answer to O decimal places, eg. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry"for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit December 31, 2022 December 31, 2022 Assume instead that Teal Mountain follows ASPE.Using (1) a financial calculator or (2) Excel function Rate, calculate the rate of interest that Teal Mountain should use to calculate its interest expense in future periods. (Hint: Refer to Chapter 3 for tips on calculating.) (Round answer to 4 decimal places, eg. 1.2246%.) Rate of interest e Textbook and Media List of Accounts Continuing the assumption of following ASPE, prepare an effective interest amortization table for the remaining term of the note. (Round yield values to 4 decimal places, eg. 52.7525 and final answers to decimal places, eg,5,250.) TEAL MOUNTAIN INC. INTEREST PAYMENT SCHEDULE AFTER DEBT RESTRUCTURING Reduction of Carrying Amount Cash Interest Effective Interest Date 12/31/20 12/31/21 $ 12/31/22 12/31/23 Total e Textbook and Media List of Accounts Continuing the assumption of following ASPE, prepare the interest payment entry for Teal Mountain on December 31, 2022, and the entry on January 1, 2024. (Round answer to O decimal places, eg. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit December 31, 2022 January 1, 2024