Business, 15.02.2020 02:08 jalenm266

At January 1, 2021, Brainard Industries, Inc., owed Second BancCorp $28 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, 2022.Reduce the unpaid principal amount to $20 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.

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 06:30

If the findings and the results are not presented properly, the research completed was a waste of time and money. true false

Answers: 1

Answer

Business, 22.06.2019 13:10

Trey morgan is an employee who is paid monthly. for the month of january of the current year, he earned a total of $4,538. the fica tax for social security is 6.2% of the first $118,500 earned each calendar year, and the fica tax rate for medicare is 1.45% of all earnings for both the employee and the employer. the amount of federal income tax withheld from his earnings was $680.70. his net pay for the month is .

Answers: 1

Answer

Business, 22.06.2019 13:40

Computing equivalent units is especially important for: (a) goods that take a relatively short time to produce, such as plastic bottles. (b) goods with sustainability implications in their production processes. (c) goods that are started and completed during the same period. (d) goods that take a long time to produce, such as airplanes.

Answers: 2

Answer

Business, 22.06.2019 17:40

Adamson company manufactures four lines of garden tools. as a result of an activity analysis, the accounting department has identified eight activity cost pools. each of the product lines is produced in large batches, with the whole plant devoted to one product at a time. classify each of the following activities or costs as either unit-level, batch-level, product-level, or facility-level. activities (a) machining parts. (b) product design. (c) plant maintenance. (d) machine setup. (e) assembling parts. (f) purchasing raw materials. (g) property taxes. (h) painting.

Answers: 2

Answer

You know the right answer?

At January 1, 2021, Brainard Industries, Inc., owed Second BancCorp $28 million under a 10% note due...

Questions