Boyd Woods, Inc. has a fiscal year$-$end of December $31,2021.$ The company reported $$228,500$ in short$-$term notes payable due on April $1,2022,$ on its year$-$end balance sheet. Boyd Woods extended the due date for this debt to January $31,2023,$ during the post$-$balance sheet period. The bank agreed to extend the debt term for $$200,000$ of the total amount of the loan; $$28,500$ 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.$)$

$\backslash$table$[[$Account$,$December $31,2021,],[$Short$-$Term Notes Payable,,$],[,,],[,,]]$

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 required, select $"$No entry required" in the first field and leave the remaining fields blank.$)$

$\backslash$table$[[$Account$,$December $31,2022],[,],[,],[,]]$