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Prepare the journal entries on S books on December

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Question - S Corp. owes $266,000 to h Trust. The debt is a 10-year, 12% note due December 31, 2020. Because Sweet Corp. is in financial trouble, h Trust agrees to extend the maturity date to December 31, 2022, reduce the principal to $221,000, and reduce the interest rate to 6%, payable annually on December 31.

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

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

Reference no: EM132904654

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