ste Verdana BIU oboard & 9A A Aa AE-EN xxA--A Font Paragraph AaBbCcDe AaBbCeD AaBbC Aalbet 1 Normal No Spac... Heading 1 Heading 2 Styles Find Replace -Select- Editing Crane Corp. owes Cheyenne Corp. a 10-year, 10% note in the amount of $365,200 plus $36,520 of accrued interest. The note is due today, December 31, 2017. Because Crane Corp. is in financial trouble, Cheyenne Corp. agrees to forgive the accrued interest, $33,200 of the principal, and to extend the maturity date to December 31, 2020. 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 1 214% 23% 21/2% 0.93543 0.93201 0.92859 2.86989 2.86295 2.85602 3% 25/8% 23/4% 0.92521 0.92184 0.91514 2.84913 2.84226 2.82861 Compute the new effective-interest rate for Crane Corp. following restructure. (Hint: Find the interest rate that establishes approximately $401,720 as the present value of the total future cash flows.) (Round effective interest rate to 3 decimal places, g, 4.657%.) Effective-interest rate Prepare a schedule of debt reduction and interest expense for the years 2017 through 2020. (Round answers to 0 decimal places, eg, 38548) SCHEDULE OF DEBT REDUCTION AND INTEREST EXPENSE AMORTIZATION Date Cash Paid Interest Expense Premium Amortized Carrying Amount of Note 12/31/17 12/22/18 Type here to search 0