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On December 31, 2012, the American 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, $3,140,000 note receivable by the following modifications:
(a) How much gain can Barkley Company record a under this term modification? (b) Prepare the journal entries to record the gain on Barkley's books (c) What interest rate should Barkley use to compute its interest expense in future periods? (d) Prepare the interest payment schedule of the note for Barkley Company after the debt restructuring. (If answer is zero, please enter 0, do not leave any fields blank.) (e) Prepare the interest payment entries for Barkley Company on December 31, of 2013, 2014, and 2015. (f) What entry should Barkley make on January 1, 2016?
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