On December 31, 2020, Pearl 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, $2,300,000 note receivable by the following modifications:

1- Reducing the principal obligation from $2,300,000 to $1,840,000.

2- Extending the maturity date from December 31, 2020, to January 1, 2024.

3- Reducing the interest rate from 12% to 10%.

Barkley pays interest at the end of each year. On January 1, 2024, Barkley Company pays $1,840,000 in cash to Pearl Bank. Answer the following questions related to Pearl Bank (creditor).

b)

(1) Compute the loss that Pearl Bank will suffer from the debt restructuring. (Round answer to 0 decimal places, e.g. 38,548.) Loss on restructuring of debt $ (2) Prepare the journal entry to record the loss. (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.) Assuming that the interest rate Stellar should use to compute interest expense in future periods is 1.4276%, prepare the interest payment schedule of the note for Stellar Company after the debt restructuring. (Round answers to 0 decimal places, e.g. 38,548 .)