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Notes Payable & Debt Restructuring - Valix 2020
Notes Payable & Debt Restructuring - Valix 2020
Vingno
BSA-2
Home Company
1. Cash 5,520,000
Discount on notes payable 480,000
Notes Payable 6,000,000
5. Cash 6,000,000
Notes Payable 6,000,000
Rose Company
Feb. 1, 2020 NO ENTRY. Disclosure note is necessary in this event.
West Company
Jan. 1, 2020 Land 1,000,000
Cash 100,000
Notes Payable 900,000
North Company
Jan. 1, 2020 Machinery 750,000
Discount on notes payable 250,000
Cash 200,000
Notes Payable 800,000
Rainbow Company
1. Notes Payable 1,000,000
Accrued Interest Payable 200,000
Patent 600,000
Gain on debt restructuring 600,000
2. Notes Payable 1,000,000
Accrued Interest Payable 200,000
Patent 600,000
Gain on exchange 500,000
Gain on debt restructuring 100,000
Shinny Jewel C. Vingno
BSA-2
Fair value 1,100,000
Carrying amount (600,000)
Gain on exchange 500,000
Sunshine Company
1. Mortgage Payable 4,000,000
Accrued Interest Payable 300,000
Loss on extinguishment of debt 250,000
Share Capital 3,500,000
Share Premium 1,050,000
Quest Company
1. Notes Payable 5,000,000
Accrued Interest Payable 400,000
Ordinary share capital 1,500,000
Share premium-os 1,500,000
Preference share 250,000
share premium - ps 1,250,000
Gain on extinguishment of debt 900,000
Sunrise Company
1. Notes Payable-old 6,000,000
Accrued Interest Payable 720,000
Discount on notes payable 668,338
Notes Payable-new 4,831,662
Gain on extinguishment of debt 1,888,338
Bontoc Company
1. Notes Payable 500,000
Discount on notes payable 280,640
Gain on modification 780,640