Sarasota Corp. owes Ivanhoe Corp. a 10-year, 10% note in the amount of $349,800 plus $34,980 of accrued interest. The hote is due today, December 31, 2020. Because Sarasota Corp. is in financial trouble, Ivanhoe Corp. agrees to forgive the accrued interest $31,800 of the principal, and to extend the maturity date to December 31, 2023. Interest at 10% of revised principal will continue to be due on 12/31 each year. Assume the following present value factors for 3 periods. Single sum Ordinary annuity of 1 21/% 0.93543 2.86989 23/8% 0.93201 2.86295 21/2% 0.92859 2.85602 2378% 0.92521 2.84913 23/% 0.92184 2.84226 3% 0.91514 2.82861 Click here to view factor tables. Compute the new effective-interest rate for Sarasota Corp. following restructure. (Hint: Find the interest rate that establishes approximately $384,780 as the present value of the total future cash flows.) (Round effective interest rate to 3 decimal places, eg. 4.657%.) Effective interest rate % e Textbook and Media List of Accounts Prepare a schedule of debt reduction and interest expense for the years 2020 through 2023. (Round answers to decimal places, eg.38,548.) Prepare a schedule of debt reduction and interest expense for the years 2020 through 2023. (Round answers to decimal places, eg.38,548.) SCHEDULE OF DEBT REDUCTION AND INTEREST EXPENSE AMORTIZATION Cash Paid Interest Expense Premium Amortized Carryin Amount Note 20 $ $ $ $ $ $ $ 21 22 23 23 e Textbook and Media List of Accounts Compute the gain or loss for Ivanhoe Corp. and prepare a schedule of receivable reduction and interest revenue for the years 2020 through 2023. (Round present value factor calculations to 5 decimal places, eg. 1.25124 and the final answers to 0 decimal places eg. 58,971.) The gain or loss for Ivanhoe Corp. $ SCHEDULE OF DEBT REDUCTION AND INTEREST EXPENSE AMORTIZATION Change in Interest Carrying Revenue Amount Cash Received Carryir Amount Note 20 $ $ $ $ 21 22 23 23 Prepare all the necessary journal entries on the books of Sarasota Corp.for the years 2020, 2021, and 2022. (Round answers to o decimal places, e.g. 38,548. If no entry is required, select "No Entry for the account titles and enter Ofor the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Dec. 31. 2020 Dec. 31 2021 Dec. 31. 2022 Debit Credit Date Account Titles and Explanation Dec. 31. 2020 Dec. 31. 2021 Dec. 31, 2022