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On December 31, 2020, Rose National Bank enters into a debt restructuring agreement with Emerald Resorts, which is experiencing financial difficulties. The bank restructures a

On December 31, 2020, Rose National Bank enters into a debt restructuring agreement with Emerald Resorts, which is experiencing financial difficulties. The bank restructures a $14,000,000 loan receivable issued at par (interest paid to date) by:

1. Reducing the principal obligation from $14,000,000 to $12,000,000;

2. Extending the maturity date from December 31, 2020 to December 31, 2025; and

3. Reducing the interest rate from 8% to 6%.

Interest income from the note receivable from Emerald Resorts in 2022 was __________.

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