Livingston Woods, Inc. has a fiscal year$-$end of December $31,2021.$ The company reported $$142,500$ in short$-$term notes payable due on April $1,2022,$ on its year$-$end balance sheet. Livingston Woods extended the due date for this debt to January $31,2023,$ during the post$-$balance sheet period. The bank agreed to extend the debt term for $$110,000$ of the total amount of the loan; $$32,500$ is due on its original due date. Prepare the journal entry required on December $31,2021,$ to reflect the refinancing agreement under IFRS.

Next, prepare the journal entry required on the date the debt is refinanced. $($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$,,],[,,],[,,]]$

Finally, 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 $31,2022],[,,,],[,,,],[,,,]]$