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On December 31, 2021, Ontario Bank enters into a debt restructuring agreement with Boyd Inc. which is now experiencing financial trouble. The bank agrees to restructure $ 2 million, 10% note receivable issued at par by the following modifications:
1. Reducing the principal obligation to $ 1.8 million.
2. Extending the maturity date from December 31, 2021 to December 31, 2025
3. Reducing the interest rate from 10% to 9%.
Boyd pays interest at the end of each year. Boyd adopts IFRS.
Required:
Problem 1: Prepare the journal entry for Boyd Inc. on December 31, 2022.
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