On December $31,2023,$ Green Bank enters into a debt restructuring agreement with Metlock Inc., which is now experiencing financial

trouble. The bank agrees to restructure a $$2-$million, $10\%$ note receivable issued at par by the following modifications:

Reducing the principal obligation from $$2$ million to $$1\mathrm{.}9$ million

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

Reducing the interest rate from $10\%$ to $8\%$

Metlock pays interest at the end of each year. On January $1,2027,$ Metlock pays $$1\mathrm{.}9$ million in cash to Green Bank. Metlock prepares

financial statements in accordance with IFRS $9.$

$($b$)$

Your answer is incorrect.

Prepare an entry at December $31,2023,$ based on the results of your calculation. $($Round answers to $0$ 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. List debit entry before credit entry.$)$

Date Account Titles and Explanation

December

$31,2023$

Debit

Credit