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How to prepare the required entry that david morris should

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Reference no: EM132557868

On December 31, 2014, the Calvin T. Ng Bank enters into a debt restaurant agreement with Dovid Morris Corporation, which is now experiencing financial trouble.

The bank agrees to restructure a $12,000,000, 12% notes receivable issued at the par by following modificiations:

  • Reducing the principal from $12,000,000 to $11,500,000.
  • Extending the maturity from December 31, 2014 to December 31, 2017.
  • Reducing the interest rate from 12% to 10%

David Morris pay the interest at the end of each year, and pays the principal in cash to the Calvin T. Ng Bank on December 31, 2017.

Required:

Question 1: Prepare the required entry that David Morris should make on December 31, 2014.

Question 2: Prepare the required entry that David Morris should make on December 31, 2016

Question 3: Prepare the required entry that David Morris should make on December 31, 2017

Question 4: Prepare the required entry that the Calvin T. Ng Bank should make on December 31, 2014.

Question 5: Prepare the required entry that the Calvin T. Ng Bank should make on December 31, 2016.

Question 6: Prepare the required entry that the Calvin T. Ng Bank should make on December 31, 2017.

Reference no: EM132557868

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