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On December 31, 2020, Short Co. is in financial difficulty and cannot pay a note...

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Accounting

On December 31, 2020, Short Co. is in financial difficulty and cannot pay a note due that day. It is a $2,000,000 note with $200,000 accrued interest payable to Bryan, Inc. Bryan agrees to forgive the accrued interest, extend the maturity date to December 31, 2022, and reduce the interest rate to 4%.

Prepare entries for the following:The restructure on Shorts books. The payment of interest on December 31, 2021. The restructure on Bryans books

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