CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 14-25 (Part Level Submission) On December 31, 2020, Concord 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, $2,100,000 note receivable by the following modifications: 1. Reducing the principal obligation from $2,100,000 to $1,370,000 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 $1,370,000 in cash to Concord Bank Answer the following questions related to Concord Bank (creditor). (a) Compute the loss Concord Bank wiffer under this new term modification, (Round answer to decimal places, e.g. 38,548.) Loss on restructuring of debt Prepare the journal entry to record the loss on Concord's books. (Round answers to decimal places, e.g. 28,548. If no entry is required, select "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.) Account Titles and Explanation Debit Credit Date December 31, 2020 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS in a win ne Version 4.24.181