Journalize the reversing entry on January 1 of the current year for the following adjusting journal entry from the prior year: 
Definitions:
Present Value
The present value of an expected amount of money or sequence of cash flows, with a given return rate.
Interest Rate
The percentage at which interest is paid by borrowers for the use of money they borrow from a lender.
Consumption
The process by which goods and services are used up or consumed by individuals or groups, typically leading to satisfaction of needs or wants.
Endowment
The total resources available to an individual or economy, including natural, human, and physical assets.
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