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Please record the required journal entries

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Question - XYZ Corp. converted their customer's receivables into notes as of Jan 1, 2022, since they were unable to pay it on time. The notes allow customers a two-year period to pay with an interest rate of 4% when the current market rate is 8%. In addition, one of the book-keeper reclassified the $500,000 of accounts receivable as a note receivable on the date of conversion since it is certain that they will pay it back. Interest is due at the end of each year. Please record the required journal entries.

Reference no: EM133129604

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