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Prepare the required entry that dovid morris should make

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Reference no: EM132557826

On December 31, 2014, the Calvin T. Ng Bank enters into a debt restructuring agreement with Dovid Morris Corporation, which is now experiencing financial trouble. The bank agrees to restructure a $12,000,000, 12.0% notes receivable issued at par by the following modifications:

  1. Reducing the principal from $12,000,000 to $11,500,000.
  2. Extending the maturity from December 31, 2014 to December 31, 2017.
  3. Reducing the interest rate from 12.0% to 10.0% 
  4. Dovid Morris pays the interest at the end of each year, and pays the principal in cash to the Calvin T. Ng Bank on December 31, 2017.

Required:

Question 1: Prepare the required entry that Dovid Morris should make on December 31, 2014.

Question 2: Prepare the required entry that Dovid Morris should make on December 31, 2016

Question 3: Prepare the required entry that Dovid Morris should make on December 31, 2017.

Question 4: Prepare the required entry that the Calvin T. Ng Bank should make on December 31, 2014.

Question 5: Prepare the required entry that the Calvin T. Ng Bank should make on December 31, 2016

Question 6: Prepare the required entry that the Calvin T. Ng Bank should make on December 31, 2017

Reference no: EM132557826

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