OOn June $30,2016$ Sweet Limited received a loan from Reggae Limited amounting to $$6,000,000.$ The loan agreement required a principal payment of $$100,000$ each month commencing on July $30,2016.$ The loan will become payable in full if $3$ months principal or interest are in arrears. For the financial year ended December $31,2019$ principal payments for September $2019$ to December $2019$ were outstanding. On December $14,2019$ Sweet Limited received a letter from Reggae Limited demanding payment in full. On January $16,2020$ before the financial statements for $2019$ were approved by the Board of Directors. An agreement was reached with Reggae Limited to waive the demand for full payment of the loan balance and a resumption of the $$100,000$ monthly principal payment. Requ