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At January 1, 2021, Brainard Industries, Inc., owed Second BancCorp $16 million under a 10% note due December 31, 2023. InterJournal entry worksheet < 1 2 3 4 Record the restructuring of the debt on January 1, 2021. Note: Enter debits before credits.Journal entry worksheet < 1 N 3 4 Record the scheduled interest cash payment. Note: Enter debits before credits. General JourJournal entry worksheet < 1 2 3 4 > Record the scheduled interest cash payment. Note: Enter debits before credits. Date GenerJournal entry worksheet < 1 2 3 4 Record the payment of the debt at maturity. Note: Enter debits before credits. General Jour

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Journal of Brainard Industries, Inc.

Date Particulars Debit ($) Credit ($)
a) January 1, 2021 Interest payable (10% * $16 million) 1600000
Notes payable ($15 million-$16 million) 1000000
Gain on troubled debt restructuring 600000
b) December 31, 2022 Notes payable 1000000
   Cash (Revised interest amount) 1000000
c) December 31, 2023 Notes payable 1000000
Cash (Revised interest amount) 1000000
December 31, 2023 Notes payable 15000000
Cash (Revised Principal amount) 15000000
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