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Posted: January 31st, 2023
On December 31, 2014, the American Bank enters into a debt restructuring agreement with BarkleyCompany, which is now experiencing financial trouble. The bank agrees to restructure a 14%, issued atpar, $3,231,000 note receivable by the following modifications:1.2.3.Reducing the principal obligation from $3,231,000 to $2,584,800.Extending the maturity date from December 31, 2014, to January 1, 2018.Reducing the interest rate from 14% to 10%.Barkley pays interest at the end of each year. On January 1, 2018, Barkley Company pays$2,584,800 in cash to American Bank.(a) Will the gain recorded by Barkley be equal to the loss recorded by American Bank under the debtrestructuring?(b) Can Barkley Company record a gain under the term modification mentioned above?(c) Assuming that the interest rate Barkley should use to compute interest expense in future periods is1.4276%, prepare the interest payment schedule of the note for Barkley Company after the debtrestructuring. (Round answers to 0 decimal places, e.g. 38,548.)DateBARKLEY COMPANYInterest Payment Schedule After Debt RestructuringEffective-Interest RateReductionCarryingCashInterestof CarryingAmount ofPaidExpenseAmountNote$$$$12/31/1412/31/1512/31/1612/31/17*$$$Total* Difference due to rounding(d) Prepare the interest payment entry for Barkley Company on December 31, 2016. (Roundanswers to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for theaccount titles and enter 0 for the amounts. Credit account titles are automatically indentedwhen amount is entered. Do not indent manually.)DateAccount Titles andDebitCreditExplanationDecember 31, 2016(e) What entry should Barkley make on January 1, 2018? (Round answers to 0 decimal places,e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 forthe amounts. Credit account titles are automatically indented when amount is entered. Donot indent manually.)DateDecember 31, 2018Account Titles andExplanationDebitCredit
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