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Prepare the journal entries on Waterway books on December

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Question - Waterway Limited owes $250,000 to Shamrock Inc. on a 10-year, 10% note due on December 31, 2020. The note was issued at par. Because Waterway is in financial trouble, Shamrock Inc. agrees to extend the maturity date to December 31, 2022, reduce the principal to $210,000, and reduce the interest rate to 3%, payable annually on December 31. The market rate is currently 3%. Waterway prepares financial statements in accordance with IFRS. Prepare the journal entries on Waterway's books on December 31, 2020, 2021, and 2022.

Reference no: EM132848585

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