At January 1, 2021, NCI Industries, Inc. was indebted to First Federal Bank under a $245,000, 8% unsecured note. The note was signed January 1, 2014, and was due December 31, 2022. Annual interest was last paid on December 31, 2016. NCI was experiencing severe financial difficulties and negotiated a restructuring of the terms of the debt agreement. First Federal agreed to reduce last year's interest and the remaining two years' interest payments to $13,730 each and delay all payments until December 31 , 2022, the maturity date. (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: Prepare the journal entries by NCI Industries, Inc., necessitated by the restructuring of the debt at: (1) January 1, 2021; (2) December 31, 2021 ; and (3) December 31, 2022. (Round final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete but not entirely correct. Date General Journal Debit January 01, 2021 No journal entry required No Credit > 8,151 2 December 31, 202 Interest expense Interest payable 8,151 X 8,396 X 3 December 31, 202 Interest expense 8,396 Interest payable