On December 31, 2023, Green Bank enters into a debt restructuring agreement with Sage Hill Inc., which is now experiencing financial trouble. The bank agrees to restructure a $2-million, 10% note receivable issued at par by the following modifications: 1. Reducing the principal obligation from $2 million to $1.9 million 2. Extending the maturity date from December 31, 2023, to December 31, 2026 3. Reducing the interest rate from 10% to 8% Sage Hill pays interest at the end of each year. On January 1, 2027, Sage Hill pays $1.9 million in cash to Green Bank. Sage Hill prepares financial statements in accordance with IFRS 9. Prepare an entry at December 31, 2023, based on the results of your calculation. (Round answers to O decimal places, e.g. 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 O for the amounts. List debit entry before credit entry.) Date Account Titles and Explanation December 31,2023 Bad Debt Expense Allowance for Expected Credit Losses eTextbook and Media List of Accounts Debit 99.058.51 Credit 99.058.51 Prepare an effective interest amortization table for the remaining term of the note. (Round answers to O decimal places, e.g. 5,250.) Date Cash Interest SAGE HILL INC. INTEREST PAYMENT SCHEDULE AFTER DEBT RESTRUCTURING EFFECTIVE INTEREST RATE Effective Interest Increase of Carrying Amount 12/31/23 12/31/24 $ 152,000 $ 152,075 $ 1,901,016 12/31/25 12/31/26 Total $ $ $ eTextbook and Media List of Accounts Prepare the interest payment entry for Sage Hill on December 31, 2025, and the entry on January 1, 2027. (Round answer to 0 decimal places, e.g. 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 O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date eTextbook and Media List of Accounts Account Titles and Explanation Debit Cr Assume instead that Sage Hill follows ASPE. Using (1) a financial calculator or (2) Excel function Rate, calculate the rate of interest that Sage Hill 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, e.g. 1.2246%.) Rate of interest eTextbook 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, e.g. 52.7525 and final answers to O decimal places, e.g. 5,250.) SAGE HILL INC. INTEREST PAYMENT SCHEDULE AFTER DEBT RESTRUCTURING EFFECTIVE INTEREST RATE 6.0299% Date Cash Interest 12/31/23 12/31/24 $ 12/31/25 12/31/26 $ Effective Interest $ Total $ $ $ eTextbook and Media List of Accounts Reduction of Carrying Amount Continuing the assumption of following ASPE, prepare the interest payment entry for Sage Hill on December 31, 2025, and the entry on January 1, 2027. (Round answer to O decimal places, e.g. 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 0 for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date eTextbook and Media List of Accounts Account Titles and Explanation Debit