Amotorization table?

On December $31,2023,$ Green Bank enters into a debt restructuring agreement with Splish Brothers Inc., which is now experiencing financial trouble. The bank agrees to restructure a $$1\mathrm{.}8-$million, $12\%$ note receivable issued at par by the following modifications:

Reducing the principal obligation from $$1\mathrm{.}8$ million to $$1\mathrm{.}44$ million

Extending the maturity date from December $31,2023,$ to December $31,2026$

Reducing the interest rate from $12\%$ to $10\%$

Splish Brothers pays interest at the end of each year. On January $1,2027,$ Splish Brothers Inc. pays $$1\mathrm{.}44$ million in cash to Green Bank for the principal. The market rate is currently $10\%.$

Click here to view the factor table PRESENT VALUE OF $1.$

Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF $1.$

$($a$)$

Your answer is partially correct.

Using $(1)$ factor tables, $(2)$ a financial calculator, or $(3)$ Excel function PV$,$ determine if Splish Brothers can record a gain under this term modification.

Calculate the gain if any. $($Round present value factor calculations to $5$ decimal places, e$.$g$.1\mathrm{.}25124$ and final answer to $0$ decimal places e$.$g$.58,971.)$

Prepare the amortization schedule of the note for Splish Brothers after the debt restructuring.

$[$:$[,$ SPLISH BROTHERS INC. $],[,$ INTEREST PAYMENT SCHEDULE AFTER DEBT $],[$ RESTRUCTURING $]\}$

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