Using the information provided in BE14-29, prepare the journal entry required on December 31, 2021, to reflect the refinancing agreement under IFRS.

Data from Exercises 29

U.S. GAAP. Saxon Woods, Inc. has a fiscal year-end of December 31, 2021. The company reported $124,500 in short-term notes payable due on April 1, 2022, on its year-end balance sheet. Saxon 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 $100,000 of the total amount of the loan; $24,500 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.