E 14-34 Troubled debt restructuring; modification of terms Appendix B At January 1, 2021, Brainard Industries, Inc., owed Second BancCorp $12 million under a 10% note due December 31, 2023. Interest was paid last on December 31, 2019. 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 two years' interest payments to $1 million each and delay the first payment until December 31, 2022. c. Reduce the unpaid principal amount to $11 million...