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 board Font 12/31/19 12/31/20 12/31/20 Compute the gain or loss for Cheyenne Corp. and prepare a schedule of receivable reduction and interest revenue for the years 2017 through 2020. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answers to 0 decimal places e.g. 58,971.) The gain or loss for Cheyenne Corp. SCHEDULE OF DEBT REDUCTION AND INTEREST EXPENSE AMORTIZATION Date Cash Received Interest Revenue Change in Carrying Carrying Amount of Amount Note 12/31/17 12/31/18 12/31/19 12/31/201 12/31/20 Type here to search. Prepare all the necessary journal entries on the books of Crane Corp. for the years 2017, 2018, and 2019. (Round answers to 0 decimal places, ., 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Dec. 31, 2017 Account Titles and Explanation Debit Credit Dec. 31, 2018 Dec. 31, 2019 Prepare all the necessary journal entries on the books of Cheyenne Corp. for the years 2017, 2018, and 2019. (Round answers to a decimal places e.p. 38,548. If no entry is required, select "No Entry for the account titles and enter a for the amounts Credit account titles are automatically indented when antount is entered. Do not indent manually Date Arrant Titles and Funlanation Type here to search) Dehit C 0 122 Date Account Titles and Explanation Debit Credit Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2019 430 words DQ Type here to search Ti hp 144