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On December 31.2020, American Bank enters into a debt restructuring agreement with Buffalo Company, which is now experiencing funancial trouble. The bank agrees to restructure a 12% issued at par, $2,540,000 note receivable by the following modifications: 1. Reducing the principal obligation from $2,540,000 to $2,032,000. 2. Extending the raturity date from December 31,2020 , to January 1.202.4, 3. Reducing the interest rate from 12% to 10%, Buffalo pass interest at the end of each year. On danuary 2.2024 . Buffalo Company pass $2,032,000 in cash to American Bank- Assuming that the interest rate Buffalo should use to compute interest expense in future periods is 1.427686 , prepare the interest On December 31.2020, American Bank enters into a debt restructuring agreement with Buffalo Company, which is now experiencing funancial trouble. The bank agrees to restructure a 12% issued at par, $2,540,000 note receivable by the following modifications: 1. Reducing the principal obligation from $2,540,000 to $2,032,000. 2. Extending the raturity date from December 31,2020 , to January 1.202.4, 3. Reducing the interest rate from 12% to 10%, Buffalo pass interest at the end of each year. On danuary 2.2024 . Buffalo Company pass $2,032,000 in cash to American Bank- Assuming that the interest rate Buffalo should use to compute interest expense in future periods is 1.427686 , prepare the interest