YellowCard has a $200,000 loan outstanding from First Trust Corp. The loan is set to mature on February 28, 2015. For several years, First Trust has agreed to extend the loan, as long as YellowCard makes all its quarterly interest payments (interest of 10% is due on the last days of each February, May, August, and November) and maintains an acid-test ratio (also called quick ratio) of at least 1.25. First Trust has provided YellowCard a commitment letter indicating that First Trust will extend the loan another 12 months, providing YellowCard makes the interest payment due on March 31.

Prepare all 2014 journal entries relating to YellowCards loan from First Trust Corp.