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Prepare the journal entry required at december

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Question - By December 31, 2020, Bramble Corp. had performed a significant amount of environmental consulting services for Cullumber Ltd. Cullumber was short of cash, and Bramble agreed to accept a $131,000, non-interest-bearing note due December 31, 2022, as payment in full. Cullumber is a bit of a credit risk and typically borrows funds at a rate of 12%. Bramble is much more creditworthy and has various lines of credit at 8%. Bramble Corp. reports under IFRS. The tables in this problem are to be used as a reference for this problem.

Prepare the journal entry to record the transaction on December 31, 2020, for Bramble Corp.

Assuming Bramble's fiscal year end is December 31, prepare the journal entry required at December 31, 2021.

Reference no: EM133156876

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