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Metlock Corp. owes $294,000 to Bonita Trust. The debt is a 10-year, 12% note due December 31, 2020. Because Metlock Corp. is in financial trouble,

Metlock Corp. owes $294,000 to Bonita Trust. The debt is a 10-year, 12% note due December 31, 2020. Because Metlock Corp. is in financial trouble, Bonita Trust agrees to extend the maturity date to December 31, 2022, reduce the principal to $245,000, and reduce the interest rate to 5%, payable annually on December 31.

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