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Ware ​Woods, Inc. has a fiscal​ year-end of December ​31, 2017. The company reported $ 202,500...

Ware ​Woods, Inc. has a fiscal​ year-end of December ​31, 2017. The company reported $ 202,500 in​ short-term notes payable due on April ​1, 2018​, on its​ year-end balance sheet. Ware Woods extended the due date for this debt to January ​31, 2019​, during the​ post-balance sheet period. The bank agreed to extend the debt term for $ 160,000 of the total amount of the​ loan; $ 42,500 is due on its original due date. Prepare the journal entry required on December​ 31, 2017​, to reflect the refinancing agreement under U.S. GAAP

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