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Concord Corp. owes $258,000 to Marigold Trust. The debt is a 10-year, 12% note due...

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Accounting

Concord Corp. owes $258,000 to Marigold Trust. The debt is a 10-year, 12% note due December 31, 2017. Because Concord Corp. is in financial trouble, Marigold Trust agrees to extend the maturity date to December 31, 2019, reduce the principal to $203,000, and reduce the interest rate to 7%, payable annually on December 31. (a) Prepare the journal entries on Concords books on December 31, 2017, 2018, 2019. (b) Prepare the journal entries on Marigold Trusts books on December 31, 2017, 2018, 2019.

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