Reference no: EM133189318
Question - White Company is indebted to Black Company for 5,000,000 on January 1, 2020. The principal and accrued interest of 1,000,000 are long overdue. The interest on the note is 10%.
The entity negotiated with Black Company for the restructuring of the obligation.
a. The principal obligation is reduced by 500,000.
b. The accrued interest of 1,000,000 is waived.
c. The obligation will mature on December 31, 2021.
d. The entity shall pay an annual interest of 12% every December 31.
The present value of 1 at 10% for two periods is 0.8264 and the present value of an ordinary annuity of 1 at 10% for two periods is 1.7355.
Required - Prepare journal entries for 2020.
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