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Question - On December 31, 2003, the merchant bank enters into a debt restructuring agreement with Shrek Company, which is now experiencing financial trouble. The bank agrees to restructure a 10% issued at par, $1,000,000 note receivable by the following modifications:
1. Reducing the principal obligation to $800,000
2. Extending the maturity date to 12/31/05
3. Reducing the interest rate to 6%
Prepare all journal entries from 12-31-03 to 12-31-05 for both parties (debtor and creditor), and explain the interest rate assumed by the debtor and creditor after the restructuring. Show all work.
a company purchased 2000 of merchandise on nov. 2 with terms 210 n30. on nov. 8 it returned 500 worth of merchandise.
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Included in inventory was merchandise received from Dudley on December 31 with an invoice price of $16,552. The merchandise was shipped f.o.b. destination. The invoice, which has not yet arrived, has not been recorded.
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