On December 31, 2023, Blinky Inc. is in financial difficulty and cannot pay a currently due 11%, $ 500,000 note (with $ 55,000 accrued interest payable) to Smith Corp. Smith agrees to forgive the accrued interest, extend the maturity date to December 31, 2026, and reduce the interest payment rate to 9%. The present value of the restructured cash flows is $ 440,000. Required: Prepare entries for the following for requirements 'a' and 'b', and complete 'c': a) the restructure on Blinky's books considering its being a substantial modification. b) the payment of interest on December 31, 2024 (use 14.185% effective interest rate) c) Show how the 14.185% rate is the true new effective interest rate by completing the following table: Period Cash Pay't Interest Change in bal Balance