## Answers

Answer - | ||||

Journal of Brainard Industries, Inc. | ||||

Date | Particulars | Debit ($) | Credit ($) | |

a) | January 1, 2021 | Interest payable (10% * $19 million) | $ 19,00,000 | - |

Notes payable ($18 million-$19 million) | - | $ 10,00,000 | ||

Gain on troubled debt restructuring | - | $ 9,00,000 | ||

b) | December 31, 2022 | Notes payable | $ 10,00,000 | - |

Cash (Revised interest amount) | - | $ 10,00,000 | ||

c) | December 31, 2023 | Notes payable | $ 20,00,000 | - |

Cash (Revised interest amount) | - | $ 20,00,000 | ||

December 31, 2023 | Notes payable | $ 1,80,00,000 | - | |

Cash (Revised Principal amount) | - | $1,80,00,000 | ||

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