Question: Using the information provided in BE14-30. prepare the journal entry required on December 31, 2017, to reflect the refinancing agreement under IFRS. Data from BE14-30

Using the information provided in BE14-30. prepare the journal entry required on December 31, 2017, to reflect the refinancing agreement under IFRS.

Data from BE14-30

U.S. GAAP. Saxon Woods. Inc. has a fiscal year-end of December 31, 2017. The company reported $124,500 in short- term notes payable due on April 1, 2018, on its year-end balance sheet. Saxon Woods extended the due date for this debt to January 31, 2019, 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.

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