Homework Answers
Yes.
There is gain under the modified terms because the total future cash flows after restructuring is less than the total pre-restructuring carrying of the note (principal).
|
Total future cash flows after restructuring are |
|
|
Principal |
$ 2,990,000 |
|
Interest (2,990,000 * 10 % * 3years) |
$ 897,000 |
|
Total (A) |
$ 3,887,000 |
|
Total pre-restructuring carrying amount of note (principal) = B |
$ 4,400,000 |
|
Gain for Coronado company (B -A ) |
$ 513,000 |
Hence, the gain for Coronado company is $ 513,000.
Note that term 3 years is from Dec 31,2020 to Jan 1,2024.
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