Vista corp owes 600000 to first national the debt is

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Reference no: EM13390007

Vista Corp. owes $600,000 to First National. The debt is 10-year, 10% note due December 31, 2014. Because Vista Corp. is in financial trouble, First National agrees to extend maturity date to December 31, 2017, reduce principal to $500,000, and reduce interest rate to 6%, payable annually on December 31.

Instructions

(a) Prepare the journal entries on Vista's books on December 31, 2014, 2015, 2016, 2017.

(b) Prepare the journal entries on First National's books on December 31, 2014, 2015, 2016, 2017.

Reference no: EM13390007

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