三、Jayson Company has an overdue note receivable from Simpson Company for $300,000. The note was dated January 1，2005. It has an annual interest rate of 9%，and interest is paid December 31 of each year. Simpson paid the interest on the note on December 31，2005, but Simpson did not pay the interest due in December of 2006. The current effective rate of interest is 6%.
On January 1，2007，Jayson agrees to the following restructuring arrangement:
• Reduce the principal to $250,000.
• Forgive the accrued interest.
• Reduce the interest rate to 6%.
• Extend the maturity date of the note to December 31，2009. Required: (25%)
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