Jayson Company has an overdue note receivable from Simpson Company for $300,000 The note was date January 1,2005.It has an annual interest rate of 9%,and interest paid December31 of each year.Simpson paid the interest on the note on December31,2005,but Simpson did not pay the interest due in December of2006. The current effective rate of interest is 6%. On January 1,2007,Jayson agrees to the following restructuring arrangement: Reduce the principal $250,000 Forgive the accrued interest. Reduce the interest rate to 6% Extend the maturity date of the note to December31,2009. a.Calculate the present value of the future cash flows of the restructured note b.Calculate the loss that Jayson will suffer from debt restructuring.Prpate the journal entries needed for (1)the restructuring of debt and(2)the interest payment received on December 31,2007. c.Calculate the gain for Simpson(if any).Prepare the journal entries needed by Simpson for the restructuring of the debt. 我的作法: a.$250,000*0.77218+$250,000*6%*2.5313=231,015 b.債務損失:($300,000+300,000*9%)-$231,015=$95,985 2007.1.1 Debt receivable 231,015 Loss on extinguushment of Debt 95,985 Note receivable 300,000 Interest receivable 27,000 2007.12.31 Cash 15,000 Debt receivable 5,791 Interest revenue 20,791 c.債務重整利益:($300,000+300,000*9%)-($250,000+250,000*6%*3)=$32,000 2007.1.1 Note payable 300,000 Interest payable 27,000 Debt payable 295,000 Gain on extinguishment of Debt 32,000 請各位熱心的大大幫我看一下是否有錯..... --

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