Reference no: EM132913034
On Dec 31,20x1, an entity enters into a restructuring agreement to modify the terms of its existing loan as follows:
a.The principal is reduced from P2,800,000 to P2,500,000.
b. The lender waived the accrued interest of P400,000
c. The nominal rate is decreased from 14% to 9%.
d. The maturity date is extended from December 31,20x1 to January 1, 20x6.
The principal is due in lump sum at maturity date but interest is payable annually at each year end. The original effective interest rate is 14%. The prevailing rate on December 31, 20x1 is 12%.
Problem 1: Provide the entry to record the modification of the loan.
|
Cooperating teacher-mentor responses
: What surprised you the most about your cooperating teacher/mentor's responses?
|
|
Costs for recruiting and training new employees
: Online employment services make it easy to change jobs; therefore, turnover rates may increase. This could result in total higher costs for employers because of
|
|
How much is accounts payable debited
: How much is accounts payable debited or credited on 11/1/21 (all entries combined)? (Give positive number for debit, negative number for credit)
|
|
What is Firm B sustainable growth rate
: Firm B has net income of $5,000, total equity of $30,000, total assets of $60,000, and dividends of $1,000. What is Firm B's sustainable growth rate
|
|
Provide the entry to record the modification of the loan
: Provide the entry to record the modification of the loan. The principal is due in lump sum at maturity date but interest is payable annually at each year end.
|
|
What is the non-controlling interest balance as of December
: On January 1, 2015, London Tiger Inc. acquired 90% of Fanshawe Co. by paying $477,000 cash. What is the non-controlling interest balance as of December
|
|
Make entry in the books of subsidiary company
: Make Entry in the books of subsidiary company. On Jan 1, 2014 Parent company sells equipment to Subsidiary Company a 90% owned subsidiary.
|
|
Please prepare closing journal entries for year end
: Susan White has her own business as a performer at children's birthday parties. Please prepare CLOSING journal entries for year end
|
|
Journal entry to record sale - dec
: Journal entry to record sale - Dec 31, 2018. Journal entry to record purchase. Eliminating entries at December 31, 2019. Eliminating entries, subsequent year
|