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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 | |||
At January 1, 2021, Brainard Industries, Inc., owed Second BancCorp $16 million under a 10% note...
At January 1, 2021, Brainard Industries, Inc., owed Second BancCorp $19 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. 6. Reduce the remaining two years' interest payments to $1 million each and delay the first payment until...
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At January 1, 2021, Brainard Industries, Inc., owed Second BancCorp $20 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 th 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...
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At January 1, 2021, Brainard Industries, Inc., owed Second BancCorp $22 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: Forgive the interest accrued for the year just ended. Reduce the remaining two years’ interest payments to $2 million each and delay the first payment until December 31,...
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Help Save&Exit Submit At January 1, 2018, Brainard Industries Inc. owed Second BancCorp $21 minion under a 10% not was paid last on December 31, 2016. Brainard was experiencing severe financial difficulties and asked Second BancCorp to modity the e due December 31, 2020. Interest terms of the debt agreement. After negotiation Second BancCorp agreed to b. Reduce the remaining two years interest payments to $2 milion each and delay the first payment until December 31.2019 ints c. Reduce the...
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