Reference no: EM132557838
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:
- Reducing the principal from $12,000,000 to $11,500,000.
- Extending the maturity from December 31, 2014 to December 31, 2017.
- Reducing the interest rate from 12.0% to 10.0%
- 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
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