Reference no: EM133119182
Question - On January 1, 2013, Terminator, Inc. owed 9th National Bank $12 million on a 10% note due December 31, 2014. Interest was last paid on December 31, 2008. The Terminator was in severe financial difficulty and asked 9th National Bank to change the terms of the debt agreement. After negotiations 9 National Banks agreed to:
-Pardon accrued interest for the year just ended,
-Reduce the interest payments of the remaining two years to $900,000 each and defer the first payment until December 31, 2014, and
-Reduce the unpaid principal amount to $9,600,000.
Required - Journalize the entries for Terminator, Inc. required by the debt restructuring on (1) January 1 2013, (2) December 31, 2014, and (3) December 31, 2012.
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