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Question - Sheffield Corp. was experiencing cash flow problems and was unable to pay its $127,000 account payable to Grouper Corp. when it fell due on September 30, 2020. Grouper agreed to substitute a one-year note for the open account. The following two options were presented to Sheffield by Grouper Corp.:
Option 1: A one-year note for $127,000 due September 30, 2021. Interest at a rate of 10% would be payable at maturity.
Option 2: A one-year non-interest-bearing note for $139,700. The implied rate of interest is 10%.
Assume that Grouper Corp. has a December 31 year end.
Assuming Sheffield Corp. chooses Option 1, prepare the entries required on Grouper Corp.'s books on September 30, 2020, December 31, 2020, and September 30, 2021.
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