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k livingston woods, inc. has a fiscal year-end of december 31, 2021. the company reported...

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Accounting

K Livingston Woods, Inc. has a fiscal year-end of December 31, 2021. The company reported $256,500 in short-term notes payable due on April 1, 2022, on its year-end balance sheet. Livingston Woods extended the due date for this debt to January 31, 2023, during the post-balance sheet period. The bank agreed to extend the debt term for $220,000 of the total amount of the loan; $36,500 is due on its original due date. Prepare the journal entry required on December 31, 2021, to reflect the refinancing agreement under U.S. GAAP. First, record the journal entry for the reclassification on December 31, 2021. (Record debits first, then credits. Exclude explanations from any journal entries. If a journal entry is not required, select "No entry required" in the first field and leave the remaining fields blank.) Account December 31, 2021 Now, record the journal entry for the reclassification on December 31, 2022. (Record debits first, then credits. Exclude explanations from any journal entries. If a journal entry is not

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