Sarasota Corp. owes $276,000 to Ivanhoe Trust. The debt is a 10-year, 12% note due December 31, 2020. Because Sarasota Corp.is in financial trouble, Ivanhoe Trust agrees to extend the maturity date to December 31, 2022, reduce the principal to $230,000, and reduce the interest rate to 7%, payable annually on December 31. (a) (b) Prepare the journal entries on Sarasota's books on December 31, 2020, 2021, 2022. Prepare the journal entries on Ivanhoe Trust's books on December 31, 2020, 2021, 2022. Click here to view factor tables. (Round present value factor calculations to 5 decimal places, eg. 1.25124 and the final answer to decimal places eg. 58,971. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) Date Account Titles and Explanation Debit Credit Sarasota Corps 2020 2021 2022 Debit Credit (b) Date Account Titles and Explanation Ivanhoe Trust's 2020 2021 2022 (To record Interest Revenue) (To record maturity of Notes Receivable) TABLE 1 Future Value of 1 (re) Periods 0 1.00000 1.00000 1 1.04000 1.05000 2 1.08160 1.10250 3 1.12486 1.15763 4 1.16986 172578 5 1.21665 6 1.26532 1.34010 7 1.31593 1.40710 1.36857 1.47746 9 1.42331 1.55133 10 1.48024 1.62889 11 u 1.53945 1.71034 12 1.60103 1.79586 13 1.66507 1.88565 14 1.73168 1.97993 15 1.80094 2.07893 16 1.87298 2.18287 17 1.94790 2.29202 18 2.02582 2.40662 19 2.10685 2.52695 20 2.19112 2.65330 7% 1.00000 1.00000 1.06000 1.07000 1.12360 1.14490 1.19102 1.22504 1.26248 1.31080 1.33823 1.40255 1.41852 1.50073 1.5036 1.60578 1.59385 1.71819 1.68948 1.83846 1.79085 1.96715 1.89830 2.10485 2.01220 2.25219 2.13293 2.40985 2.26090 2.57853 2.39656 2.75903 2.54035 2.95216 2.69227 3.15882 2.85434 3.37993 3.02560 3.61653 3.20714 3.86968 9% 10% 11% 12% 15% 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.08000 1.09000 1.10000 1.11000 1.12000 1.15000 1.16640 1.18810 1.21000 1.23210 1.25440 1.32250 1.25971 1.29503 1.33100 1.36763 1.40493 1.52088 1.36049 1.41158 1.46410 1.51807 1.57352 1.74901 1.46933 1586 1.53862 1.61051 1.68506 1.76234 2.01136 1.58687 1.67710 1.77156 1.87041 1.97382 2.31306 1.71382 1.82804 1.94872 2.07616 2 21068 2.66002 1.85093 1.99256 2.14359 2.30454 2.47596 3.05902 1.99900 2.17189 2.35795 2.55803 2.77308 3.51788 2.15892 2.36736 2.59374 2.83942 3.10585 4.04556 2.33164 2.58043 2.85312 3.15176 3.47855 4,65239 2.51817 2.81267 3.13843 3.49845 3.89598 5.35025 2.71962 3.06581 3.45227 3.88328 4.36349 6.15279 2.93719 3.34173 3.79750 4.31044 4.88711 7.07571 3.17217 3.64248 4.17725 4.78459 5.47357 8.13706 3.42594 3.97031 4.59497 5.31089 6.1.3039 9.35762 3.70002 4.32763 5.05447 5.89509 6.86604 10.76126 3.99602 4.71712 5.55992 6.54355 7.68997 12.37545 4.31570 5.14166 6.11591 7.26334 8.61276 14.23177 4.66096 5.60441 6.72750 8.06231 9.6462916.36654 TABLE 2 Future Value of an Annuity of 1 in) Payments 496 S% 8% 10% 11% 12% 15% no 1.00000 1.00000 1.00000 1.0000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 2 2.04000 2.05000 2.06000 2.0700 2.08000 2.09000 2.10000 2.11000 2.12000 2.15000 3 3.12160 3.15250 3.18360 3.2149 3.24640 3.27810 3.31000 3.34210 3.37440 3.37440 3.47250 4.24646 4.31013 4.37462 4.4399 4.50611 4.57313 4.64100 4.70973 4.77933 4.99238 5 5.41632 5.52563 5.63709 5.7507 5.86660 5.98471 6.10510 6.22780 6.35285 6.74238 6 6.63298 6.80191 6.97532 7.1533 7.33592 7.52334 7.71561 7.91286 8.11519 8.75374 7 7.89829 8.14201 8.39384 8.6540 8.92280 9.200449.48717 9.78327 10.08901 11.06680 8 9.21423 9.54911 9.89747 10.2598 10.63663 11.02847 11.43589 11.85943 12.29969 13.72682 10.58280 11.02656 11.49132 11.9780 12.48756 13.02104 13.57948 14.16397 14.77566 16.78584 10 12.00611 12.57789 13.18079 13.8164 14.48656 15.19293 15.93743 16.72201 17.54874 20.30372 11 13.48635 14.20679 14.97164 15.7836 16.64549 17.56029 18.53117 19.56143 20.65458 24.34928 12 15.02581 15.91713 16.86994 17.8885 18.97713 20.14072 21.38428 22.71319 24.13313 29.00167 13 16.62684 17.71298 18.88214 20.1406 21.49530 22.95339 24.52271 26.21164 28.02911 34.35192 14 18.29191 19.59863 21.01507 22.5505 24.2 1492 26.01919 27.97498 30.09492 32.39260 40.50471 15 20.02359 21.57856 23.27597 25.1290 27.15211 29.36092 31.77248 34 40536 37.27972 47.58041 16 21.82453 23.65749 25.67253 27.8881 30.32428 33.00340 35.94973 39.18995 42.75328 55.71747 17 23.69751 25.84037 28.21288 30.8402 33.75023 36.97351 40.54470 44.50084 48.88367 65.07509 18 25.64541 28.13238 30.90565 33.9990 37.45024 41.30134 45.59917 50.39593 55.74972 75.83636 19 27.67123 30.53900 33.75999 37.3790 41.44626 46.01846 51.15909 56.93949 63.43968 88.21181 20 29.77808 33.06595 36.78559 40.9955 45.76196 51.16012 57.27500 64.20283 72.05244 102.44358 TABLE 3 Present Value of 1 Periods 1 2 5% 95238 90703 86384 82270 78353 .74622 71068 11% 90090 81162 73119 65873 59345 53464 48166 4 5 8% 8 .92593 .85734 79383 73503 68058 .63017 58349 54027 .50025 .46319 7 8 10 96154 92456 88900 85480 82193 .79031 75992 73069 70259 67556 64958 62460 60057 57748 55526 53391 51337 49363 47464 45639 .94340 89000 83962 .79209 .74726 .70496 66506 62741 59190 55839 52679 49697 .46884 44230 41727 39365 37136 35034 33051 31180 7% 0.93458 0.87344 0.81630 0.76290 0.71299 0.66634 062275 0 58201 0.54393 0.50835 0.47509 0.44401 0.41496 0.38782 0_36245 033873 0.31657 0.29586 027615 0.25842 64461 .61391 58468 55684 53032 50507 48102 45811 43630 41552 39573 37689 9% 91743 .84168 .77218 .70843 64993 .59627 54703 50187 .46043 .42241 38753 35554 .32618 .29925 27454 25187 23107 .21199 .19449 .17843 10% 90909 82645 .75132 68301 62092 56447 51316 46651 42410 38554 39049 31863 28966 26333 2.1939 21763 19785 17986 16351 14864 12% 89286 .79719 71178 63552 56743 50663 45235 40388 36061 32197 28748 25668 22917 20462 .18270 16312 .14564 13004 .11611 10367 11 12 13 14 15 15% 86957 -75614 65752 57175 49718 .43233 37594 32690 28426 24719 21494 18691 16253 .14133 12289 10687 .09293 .68081 07027 06110 39092 35218 31728 28584 25751 23199 20900 18829 .16963 15282 13768 12403 39711 .36770 .34046 .31524 29189 .27027 -25025 23171 21455 16 17 18 19 20 TABLE4 Present Value of an Annuity of 1 mu Payments 5% 79 1 96154 95238 94340 0.93458 2 1.88609 185941 1.83339 1.80802 2.77509 2.72325 2.67301 2.62432 4 3.62990 354595 3.46511 3.38721 5 4.45182 432948 421236 4.10020 6 5.24214 5.07569 4.91732 4.76654 7 6.00205 5.78637 5.58238 5.38929 8 6.73274 6.46321 6 20979 5.97130 9 7.43533 7.10782 6.80169 6.51522 10 8.11090 7.72173 7.36009 7.02358 11 8.76048 8.30641 7.88687 749867 12 9.38507 8.86325 8.38384 7.94269 13 9.98565 9.19357 8.85268 8.35765 14 10.56312 9.89864 9.29498 8.74547 15 1111839 1037966 9.71225 9.10791 16 11.65230 10.83777 10.10590 9.44665 17 12.16567 11 27407 10.47726 9.76322 18 12659301168959 10.82760 10.05909 19 13.13394 12.08532 12.08532 11.15812 10.33560 20 13.59033 12.46221 11.46992 10.59401 8% 92593 1.78326 2.57710 3.31213 3.99271 4.62288 5.20637 5.74664 6.24689 6.71008 7.13896 7.53608 7.90378 8.24424 8.55948 8.85137 9.12164 9.37189 9.60360 9.81815 9% 10% 91743 .90909 90090 1.75911 1.73554 1.71252 2.53130 2.48685 2.44371 3.23972 3.16986 3.10245 3.88965 3.79079 3.69590 4.48592 4.35526 4.22054 5.03295 4.86842 4.71220 5.53482 5.33493 5.14612 5.99525 5.75902 5.53705 6.41766 6.14457 5.88923 6.80519 6.49506 6,20652 7.16073 6.811659 6.49236 7.48690 7.10336 6.74987 7.78615 7.36669 6.98187 8.06069 7.60608 7.19087 8.31256 7.82371 7.37916 8.54363 8.02155 7.54879 8.75563 8.2 0141 7.70162 8.950128.36492 7.83929 9.12855 8.51356 7.96333 12% 15% 89286 86957 1.69005 1.62571 2.40183 2.28323 3,03735 2.85498 3.60478 3.35216 4.11141 3.78448 456376 4.16042 496764 448732 5_32825 4.77158 565022 5.01877 5.93770 5.23371 6.19437 5.42062 6.42355 5.58315 6.62812 5.72448 6.81086 5.84737 6.97399 5.95424 7.11963 6.04716 724967 6.12797 736578 6.19823 7.46944 6.25933