Transcribed image text: On December 31, 2020, Oriole Bank enters into a debt restructuring agreement with Barkley Company, which is now experiencing financial trouble. The bank agrees to restructure a 12%, issued at par, $4,300,000 note receivable by the following modifications: 1. Reducing the principal obligation from $4,300,000 to $2,920,000, 2. Extending the maturity date from December 31, 2020, to January 1, 2024. 3. Reducing the interest rate from 12% to 10%. Barkley pays interest at the end of each year. On January 1, 2024, Barkley Company pays $2,920,000 in cash to Oriole Bank. Answer the following questions related to Oriole Bank (creditor). Your answer is partially correct. Try again. Compute the loss Oriole Bank will suffer under this new term modification, (Round answer to O decimal places, e 38,548.) Loss on restructuring of debt T 504000 Prepare the journal entry to record the loss on Oriole's books. (Round answers to o decimal places, e.g. 38,548. Il no entry is required, selec "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, 2020 Notes Payable 504000 | Gain on Restructuring 504000