Question 5 of 9 View Policies -/3 E 1 Current Attempt in Progress Sunland Incorporated owes $114,000 to Ontario Bank Inc. on a two-year, 11% note due on December 31, 2023. The note was issued at par. Because Sunland is in financial trouble, Ontario Bank agrees to extend the maturity date of the note to December 31, 2025, reduce the principal to $85,500, and reduce the interest rate to 9%, payable annually on December 31. Present value of the new debt is calculated as $82,572. Sunland prepares financial statements in accordance with IFRS. Prepare the journal entries on Sunland's books on each of December 31, 2023, 2024, and 2025. (Round answers to O decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entrrie.) Date Debit Credit Account Titles and Explanation 31, 2023 Interest Payable 31, 2024 Notes Payable Cash Interest Payable Notes Payable Cash 31, 2025 Interest Payable Notes Payable 31, 2025 Cash (To record payment of interest) Notes Payable Cash (To record maturity of note)