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Question - Anub'arak plc owes Rylai Ltd. a 10-year, 10% note in the amount of £330,000 plus £33,000 of accrued interest. The note is due today, December 31, 2019. Because Anub'arak is in financial trouble, Rylai agrees to forgive the accrued interest, £30,000 of the principal and to extend the maturity date to December 31, 2022. Interest at 10% of revised principal will continue to be due on 12/31 each year. Given Anub'arak's financial difficulties, the market rate for its loans is 12%.
Required -
a. Prepare the amortization schedule for the years 2019 through 2022.
b. Prepare all the necessary journal entries on the books of Anub'arak for the years 2019, 2020, and 2021.
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Unit 10 Financial Accounting Assignment Help and Solution, Higher National Diploma in Business - Assessment Writing Service
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