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Posted: November 1st, 2022

On December 31, 2014, the American Bank enters into a debt restructuring agreement

On December 31, 2014, the American Bank enters
into a debt restructuring agreement with Barkley Company, which is now
experiencing financial trouble. The bank agrees to restructure a 14%,
issued at par, $3,231,000 note receivable by the following modifications:

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Reducing the principal obligation from $3,231,000 to
$2,584,800.

Extending the maturity date from December 31, 2014, to January
1, 2018.

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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 debt restructuring?
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(b)Can Barkley Company record a gain under the term modification mentioned
above?
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(c) Assuming
that the interest rate Barkley should use to compute interest expense in future
periods is 1.4276%, prepare the interest payment schedule of the note for
Barkley Company after the debt restructuring.(Round answers to 0 decimal places, e.g. 38,548.)

BARKLEY COMPANY
Interest Payment Schedule After Debt Restructuring
Effective-Interest Rate

Date

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Cash
Paid

Interest
Expense

Reduction
of Carrying
Amount

Carrying
Amount of
Note

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12/31/14

$
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12/31/15

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12/31/16

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12/31/17

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* Difference due to rounding

(d) Prepare
the interest payment entry for Barkley Company on December 31, 2016.(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 for the amounts. Credit account titles are automatically indented when
amount is entered. Do not indent manually.)

Date

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Account Titles and
Explanation

Debit

Credit

December 31, 2016

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(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 for the amounts. Credit account titles are automatically indented when
amount is entered. Do not indent manually.)

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Date

Account Titles and
Explanation

Debit

Credit

December 31, 2018

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Looking for a similar answer, essay, or assessment help services?

On December 31, 2014, the American Bank enters into a debt restructuring agreement

What Citation Formats Do You Support?

Are Paper Services Legal?

How Much for a Paper?

Will Anyone Find Out I Used You?

Do You Rely on AI?

Why Are You Top for Research Papers?

Who’s Behind My Essays?

Is My Paper Original?

Can You Do Any Citation Style?

Can I Adjust Instructions Later?

How Do I Get Started?

How Fast for Rush Jobs?

Can You Handle Complex Subjects?

How Do You Meet Prof Standards?

What’s Your Editing Like?

Can You Pick My Topic?

Sample Essay, Assignments & Research Topics

Why Choose Essay Bishops?

Top Essay Writers

Affordable Prices

100% Plagiarism-Free