Metlock Corp. owes Ivanhoe Corp. a $99,990, 10-year, 10% note issued at par plus $9,999 of accrued interest. The note is due today, December 31, 2020. Because Metlock Corp. is in financial trouble, Ivanhoe Corp. agrees to forgive the accrued interest and $10,420 of the principal, and to extend the maturity date to December 31, 2023. Interest at 10% of the revised principal will continue to be due on December 31 of each year. Assume the market rate of interest is 10% at the date of refinancing. Metlock and Ivanhoe prepare financial statements in accordance with IFRS.