(Solved): need help with the following please use these numbers and show calculations On December 31, 2025, ...

need help with the following please use these numbers and show calculations

On December 31, 2025, American Bankenters into a debt restructuring agreement with Cullumber Company, which is now experiencing financial trouble. The bank agrees to restructure a $$12\%$$, issued at par, $$\$3,460,000$$ note receivable by the following modifications: 1. Reducing the principal obligation from $$\$3,460,000$$ to $$\$2,768,000$$. 2. Extending the maturity date from December 31, 2025, to January 1, 2029. 3. Reducing the interest rate from $$12\%$$ to $$10\%$$. Cullumber pays interest at the end of each year. On January 1, 2029, Cullumber Company pays $$\$2,768,000$$ in cash to American Bank. Assuming that the interest rate Cullumber should use to compute interest expense in future periods is $$1.4276\%$$, prepare the interest payment schedule of the note for Cullumber Company after the debt restructuring. (Round answers to 0 decimal places, e.g. $$38,548$$. eTextbook and Media List of Accounts Attempts: 2 of 3 used d) Prepare the interest payment entry for Cullumber Company on December 31, 2027. (Round answers to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)