Which of the following statements is correct?A. A bank statement must be mailed to customers each month. B.Physical copies of canceled checks must be included in the monthly bank statement. C. The bank statement does not include an ending balance of the customer's account because the bank cannot determine which checks have been cashed during the statement period. D.A bank statement is a document from the bank that reports the activity in the customer's account.

Grey company holds an overdue note receivable of $800,000 plus recorded accrued interest of $64,000. the effective interest rate is 8%. as the result of a court-imposed settlement on december 31, year 3, grey agreed to the following restructuring arrangement: reduced the principal obligation to $600,000.forgave the $64,000 accrued interest. extended the maturity date to december 31, year 5.annual interest of $40,000 is to be paid to grey on december 31, year 4 and year 5. the present value of the interest and principal payments to be received by grey company discounted for two years at 8% is $585,734. grey does not elect the fair value option for reporting the debt modification. on december 31, year 3, grey would recognize a valuation allowance for impaired loans of