On December 31, 2020, American Bank enters into a debt restructuring agreement with Marin Company, which is now experiencing financial trouble. The bank agrees to restructure a 12%, issued at par, $4,310,000 note receivable by the following modifications: 1. Reducing the principal obligation from $4,310,000 to $3,448,000. 2. Extending the maturity date from December 31, 2020, to January 1, 2024. 3. Reducing the interest rate from 12% to 10%. Marin pays interest at the end of each year. On January 1, 2024, Marin Company pays $3,448,000 in cash to American Bank. Will the gain recorded by Marin be equal to the loss recorded by American Bank under the debt restructuring? No Yes Can Marin Company record a gain under the term modification mentioned above? O Assuming that the interest rate Marin should use to compute interest expense in future periods is 1.4276%, prepare the interest payment schedule of the note for Marin Company after the debt restructuring. (Round answers to o decimal places, e.g. 38,548.) MARIN COMPANY Interest Payment Schedule After Debt Restructuring Effective-Interest Rate Reduction Interest of Carrying Expense Amount Cash Paid Carrying Amount of Note Date 12/31/20 12/31/21 12/31/22 12/31/23 Total Prepare the interest payment entry for Marin Company on December 31, 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 o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit December 31, 2022 What entry should Marin make on January 1, 2024? (Round answers to o decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date December 31, 2024