Windsor AG issued a 170,000, 4-year, 8% note at face value to Flint Hills Bank on January 1, 2022, and received 170,000 cash. The note requires annual interest payments each December 31. During 2022, Windsor experiences financial difficulties. On January 1, 2023, Windsor negotiates a modification of the terms of the note. Under the modification, Flint Hills Bank agrees to reduce the face value of the note to 156,400 and to extend the maturity date to January 1, 2027. Annual interest payments on December 31 will be made at a rate of 6%. Windsors market interest rate at the time of the modification is 10%. Prepare Windsors entries for (a) the modification on January 1, 2023. Remove the old note at face value and record the new note in the same journal entry, and (b) the first interest payment date on December 31, 2023.