Shamrock Corp. owes Pharoah Corp. a $119,700, 10-year, 10% note issued at par plus $11,970 of accrued interest. The note is due today, December 31, 2023. Because Shamrock is in financial trouble, Pharoah agrees to forgive the accrued interest and $10,840 of the principal and to extend the maturity date to December 31, 2026. Interest at 10% of the revised principal will continue to be due on December 31 of each year. Assume the market rate of interest is 10% at the date of refinancing. Shamrock and Pharoah prepare financial statements in accordance with IFRS.

Prepare schedule for debt and interest expense for the years 2023 through 2026