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Prepare the journal entries on Nash books on December

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Reference no: EM132865279

Question - Nash Corp. owes $280,000 to Crane Trust. The debt is a 10-year, 12% note due December 31, 2020. Because Nash Corp. is in financial trouble, Crane Trust agrees to extend the maturity date to December 31, 2022, reduce the principal to $225,000, and reduce the interest rate to 6%, payable annually on December 31.

Required -

(a) Prepare the journal entries on Nash's books on December 31, 2020, 2021, 2022.

(b) Prepare the journal entries on Crane Trust's books on December 31, 2020, 2021, 2022.

Reference no: EM132865279

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