Lawrence Incorporated owes $100,000 to Ontario Bank Inc. on a two-year, 10% note due on December 31, 2020. The note was issued at par. Because Lawrence is in financial trouble, Ontario Bank agrees to extend the maturity date of the note to December 31, 2022, reduce the principal to $75,000, and reduce the interest rate to 8%, payable annually on December 31. Present value of the new debt is calculated as $72,397. Lawrence prepares financial statements in accordance with IFRS. Prepare the journal entry on Lawrence's books on each of December 31, 2020, 2021, and 2022. Round to the nearest dollar.