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arestion Four Gibra fric inhued a $300,000,4-year, 109 , note at par to KFh Bank on lanuary 1, 2021. The note requires annual interest payments each December 31 . During 2021, Libra experiences financial difficuties On of the therms of the note Under the modification. KFH agrees to the following: - Reduce the principal amount of the note to $250,000. - Extend the maturity date to January 1,2026. - Reduce the annual interest rate to 8% Libra's market interest rate at the time of the modification is 12%. The present value of 1 is 0.63552 and present value of an ordinary annuity is 3.03735. Requiced: Prepare White's entries for: A) The modification on January 1,2022 , and 3) The first interest payment date on December 31,2022 . arestion Four Gibra fric inhued a $300,000,4-year, 109 , note at par to KFh Bank on lanuary 1, 2021. The note requires annual interest payments each December 31 . During 2021, Libra experiences financial difficuties On of the therms of the note Under the modification. KFH agrees to the following: - Reduce the principal amount of the note to $250,000. - Extend the maturity date to January 1,2026. - Reduce the annual interest rate to 8% Libra's market interest rate at the time of the modification is 12%. The present value of 1 is 0.63552 and present value of an ordinary annuity is 3.03735. Requiced: Prepare White's entries for: A) The modification on January 1,2022 , and 3) The first interest payment date on December 31,2022