At the beginning of 2020 BSW issued at 96.4 a $10,000,000 , 10-year note, payable to REAP at a stated rate of 6.2%. The debt had an annual coupon due 12/31 and BSW made the first two payments. During this time, demand for the company's product failed to materialize and on Jan 4, 2022 the entities agreed to restructure the note by changing the coupon rate to 4% and the maturity value to $6.8 m.

Book the required journal entries for BSW and REAP