ints On December 31, 2021, ING Bank enters into a debt restructuring agreement with 12...
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ints On December 31, 2021, ING Bank enters into a debt restructuring agreement with 12 Inc, which is now experiencing financial trouble. The bank agrees to restructure a 12%, issued at par, $10.000.000 note receivable by the following modifications 1. Reducing the principal obligation from $10,000,000 to $6,500,000 2.Extending the maturity date from December 31, 2021. to December 31, 2024 3.Reducing the interest rate from 12% to 10%. Using the inofimation provided above, please answer the following two questions, 1. Total future cash flows for 12 Inc. after restructuring are $ of amounts 2. 12 Inc will recognize a (choose Gain/Loss) on restructuing
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