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Make the journal entry record related to this loan

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Reference no: EM133182807

Question - On December 31, 2017 Moriarty Moneylending entered a debt restructuring agreement with the Sherlock Holmes Detective Service.  Moriarty restructures a $4,400,000 loan receivable that was issued at par (no interest payments have been missed) by changing the following terms:

Reducing the principal obligation from $4,400,000 to $3,500,000.

Extending the maturity date from December 31, 2017 to December 31, 2021; and

Reducing the interest rate from 8% to 5%.

Make the journal entry (if any) that the Sherlock Holmes Detective Service would record related to this loan on December 31, 2018.  If no entry is necessary, indicate so by writing "no entry necessary".

Reference no: EM133182807

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