saxon woods inc has a fiscal year end of december 31 2015 the company reported 124 5 4373966

Saxon Woods, Inc. has a fiscal year- end of December 31, 2015. The company reported $ 124,500 in short- term notes payable due on April 1, 2016, on its year- end balance sheet. Saxon Woods extended the due date for this debt to January 31, 2017, during the post- balance sheet period. The bank agreed to extend the debt term for $ 100,000 of the total amount of the loan. $ 24,500 is due on its original due date. Prepare the journal entry required on December 31, 2016, to reflect the refinancing agreement under IFRS. View Solution:
Saxon Woods Inc has a fiscal year end of December

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