On December 31,2023 , Green Bank enters into a debt restructuring agreement with Metlock Inc., which is now experiencing financia trouble. The bank agrees to restructure a $1.4-million, 12% note receivable issued at par by the following modifications: 1. Reducing the principal obligation from $1.4 million to $1.12 million 2. Extending the maturity date from December 31,2023 , to December 31,2026 3. Reducing the interest rate from 12% to 10% Metlock pays interest at the end of each year. On January 1, 2027. Metiock Inc, pays $1.12 million in cash to Green Bank for the principal. The market rate is currently 10%. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. PRESENT VALUE OF 1 (PRESENT VALUE OF A SINGLE SUM) PVFN=(1+i1=(1+i) Your answer is partially correct. Using (1) factor tables, (2) a financial calculator, or (3) Excel function PV, determine if Metlock can record a gain under this term modification. Calculate the gain if any. (Round present value factor calculations to 5 decimal places, eg. 1.25124 and final answer to 0 decimal places e.g. 58,971.) Gain PRESENT VALUE OF AN ANNUITY DUE OF 1 PVFAD=1+1(1+i)n11