At January 1, 2022, Brainard Industries owed Second BancCorp $12 million under a 10% note due December 31, 2024. Interest was paid last on December 31, 2020. Brainard 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 three years interest payments to two payments of $1 million each and delay the first payment until December 31, 2023. c. Reduce the unpaid principal amount to $11 million. Required: 1. Determine whether the terms of the restructured debt are substantially different from those of the original debt using the 10% test of IFRS 9. Assume that any overdue interest is payable immediately under the terms of the original debt agreement. The effective interest rate under the original loan agreement was 10%. Assume no penalties and no interest on accrued interest are levied on existing debt. 2. Prepare the journal entries by Brainard Industries, necessitated by the restructuring of the debt at (a) January 1, 2022, (b) December 31, 2023, and (c) December 31, 2024. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.)