\fPrepare the interest payment entry for Windsor on December 31, 2022, and the entry on January 1, 2024. (Round answer to O decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit CreditAssume instead that Windsor follows ASPE. Using (1) a financial calculator or (2) Excel function Rate, calculate the rate of interest that Windsor should use to calculate its interest expense in future periods. (Hint: Refer to Chapter 3 for tips on calculating.) (Round answer to 4 decimal places, e.g. 1.2246%.) % Rate of interest eTextbook and Media List of AccountsContinuing the assumption of following ASPE, prepare an effective interest amortization table for the remaining term of the note. (Round yield values to 4 decimal places, e.g. 52.7525 and final answers to O decimal places, e.g. 5,250.) WINDSOR INC. INTEREST PAYMENT SCHEDULE AFTER DEBT RESTRUCTURING Reduction of Carrying Cash Effective Carrying Amount Interest Interest Amount of Note $ $Continuing the assumption of following ASPE, prepare the interest payment entry for Windsor on December 31, 2022, and the entry on January 1, 2024. (Round answer to O decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit December 31, 2022 January 1, 2024On December 31, 2020, Green Bank enters into a debt restructuring agreement with Windsor Inc., which is now experiencing financial trouble. The bank agrees to restructure a $2.9-million, 10% note receivable issued at par by the following modifications: 1. Reducing the principal obligation from $2.9 million to $2.76 million 2. Extending the maturity date from December 31, 2020, to December 31, 2023 3. Reducing the interest rate from 10% to 8% Windsor pays interest at the end of each year. On January 1, 2024, Windsor Inc. pays $2.76 million in cash to Green Bank. Windsor prepares financial statements in accordance with IFRS 9.\fPrepare all of the relevant journal entries from the time of sale until the date indicated. For situation 1, prepare the journal entries through December 31, 2021. Assume that no reversing entries were made. Use the amounts arrived at from using (1) factor tables, (2) a financial calculator, or (3) Excel function PV from the time of sale until the date indicated. Use the effective interest method for discount and premium amortization. (Hint: Refer to Chapter 3 for tips on calculating ) (For calculation purposes, use 5 decimal places as displayed in the factor table provided and final answers to O decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit v 3/1/21For situation 2, use the effective interest method for discount and premium amortization and prepare any necessary amortization tables. (Hint: Refer to Chapter 3 for tips on calculating.) (Round answers to O decimal places, e.g. 5,275.) Schedule of Bond Discount Amortization Effective Interest Method Premium Carrying Amount Cash Paid Interest Expense Amortized of Bonds SPrepare all of the relevant journal entries from the time of sale until the date indicated. For situation 2, prepare the journal entries through December 31, 2022. Assume that no reversing entries were made. Use the amounts arrived at from using the financial calculator. Use the effective interest method for discount and premium amortization (Hint: Refer to Chapter 3 for tips on calculating ) (For calculation purposes, use 5 decimal places as displayed in the factor table provided and final answers to O decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit 6/1/20 12/1/20 12/31/20 6/1/21 10/1/21 (To record payment of interest and amortization amount)10/1/21 (To record reacquisition of bonds) 12/1/21 12/31/21 6/1/22 12/1/22\f