Cullumber Incorporated owes $$80,000$ to Ontario Bank Inc. on a two$-$year, $10\%$ note due on December $31,2023.$ The note was issued at par. Because Cullumber is in financial trouble, Ontario Bank agrees to extend the maturity date of the note to December $31,2025,$ reduce the principal to $$60,000,$ and reduce the interest rate to $8\%,$ payable annually on December $31.$ Present value of the new debt is calculated as $$57,917.$ Cullumber prepares financial statements in accordance with IFRS.

Prepare the journal entries on Cullumber's books on each of December $31,2023,2024,$ and $2025.($Round answers to $0$ decimal places, e$.$g$.5,275.$ Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entrie.$)$

Date

Account Titles and Explanation

Debit

Credit

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