Question: On January 1 , 2 0 2 0 , Cloudy Company was indebted to MBI Bank under a $ 7 , 0 0 0 ,

On January 1,2020, Cloudy Company was indebted to MBI Bank under a $7,000,000,7% unsecured note. The note was issued at par and signed on January 1,2017, and will be due on December 31,2023(7 years). Interest is paid annually on December 31. Annual interest was last paid on December 31,2018. Cloudy Company was experiencing severe financial difficulties and negotiated a restructuring of the terms of the debt

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