Question 7 of 7 -/2.5 III View Policies Current Attempt in Progress On December 31, 2022, Sterling Bank enters into a debt restructuring agreement with Stellar plc, which is now experiencing financial trouble. The bank agrees to restructure a 12%, issued at par, 2,800,000 note receivable by the following modifications: 1. Reducing the principal obligation from 2,800,000 to 2,240,000 2 Extending the maturity date from December 31, 2022 to January 1, 2026, 3. Reducing the interest rate from 12% to 10%. Stellar's market rate of interest is 15%. Stellar pays interest at the end of each year. On January 1, 2026, Stellar pays 2,240,000 in cash to Sterling Bank (a) Can Stellar record a gain under the term modification mentioned above? e Textbook and Media List of Accounts Sove for Lats Attempts: 0 of 2 used Submit Answer Prepare an amortization schedule for 2019-2023 for the bonds. (Round answers to decimal places, eg,5,275) 0.33/1 AMORTIZATION SCHEDULE Bonds Sold to Yield Date Cash Paid Interest Expense Discount Amortized Carrying Amount of Bonds 1/2/19 12/31/19 $ $ 12/31/20 12/31/21 12/31/22 12/31/23 e Textbook and Media List of Accounts Safor Late Attempts: 0 of 2 used Submit Ang