he was in SA Google Translate WM Smal YouTube Maps rer 14, Part 4 Exercise 14-34 (Algo) Troubled debt restructuring: modification of terms (Appendix 14B) At January 1, 2021. Brainard Industries, Inc., owed Second BoncCorp $16 million under 10% note due December 31, 2023. Interest wos paid last on December 31, 2019. Brainard was experiencing severe financial difficulties and asked Second Banc Corp to modify the terms of the debt agreement. After negotiation Second Bancorp 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 $15 million 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.) View transaction list Journal entry worksheet 1 2 3 4 Record the restructuring of the debt on January 1, 2021. arch o x P