At January 1, 2021. Bralnard Industries, Inc., owed Second BancCorp $24 million under a 10% note due December 31, 2023. Interest was paid last on December 31, 2019. Bratnard was experiencing severe financial difficulties and asked Second Banc Corp to modify the terms of the debt agreement. After negouation Second Banc Corp agreed to: a Forgive the Interest accrued for the year just ended b. Reduce the remaining two years' interest payments to $2 million each and delay the first payment until December 31, 2022 c Reduce the unpaid principal amount to $22 milion Required Prepare the journal entries by Brainard Industries, Inc., necessitated by the restructuring of the debt at(1) January 1, 2021: (2) December 31, 2022; and (3) December 31, 2023. (Enter your answers in whole dollars. If no entry is required for a transaction/event. select "No journal entry required" in the first account field.) Vlow transaction dat Journal entry worksheet 1 2 3 4 Record the restructuring of the debt on January 1, 2021. Wat dit be General Journal Debit Credit Date January 01, 2021 Record entry Clour entry Vlow general Journal At January 1, 2021, Brainard Industries, Inc., owed Second Bancorp $24 million under a 10% note due December 31, 2023. Interest was pald last on December 31, 2019. Bratnard was experiencing severe financial difficulties and asked Second BancCorp to modify the terms of the debt agreement. After negotiation Second BancCorp agreed to: a. Forgive the interest accrued for the year just ended. b. Reduce the remaining two years' Interest payments to $2 milion each and delay the first payment until December 31, 2022 c. Reduce the unpaid principal amount to $22 million Required: Prepare the journal entries by Brainard Industries, Inc, necesitated by the restructuring of the debt at (1) January 1, 2021(2) December 31, 2022; and (3) December 31, 2023. (Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction ist Journal entry worksheet