Question: Problem 5 (10 Points) On December 31, 2020, Mets Co. is in financial difficulty and cannot pay a note due that day. It is a

Problem 5 (10 Points) On December 31, 2020, Mets Co. is in financial difficulty and cannot pay a note due that day. It is a $2,000,000 note with $400,000 accrued interest payable to Bryan, Inc. Bryan agrees to forgive the accrued interest, extend the maturity date to December 31, 2022, and reduce the interest rate to 4%. The present value of the restructured cash flows is $1,600,000 Instructions Prepare entries for the following: (a) The restructure on Mets' books. You MUST SHOW your calculations to receive credit. (b) The re ture on Bryan's books. You MUST SHOW your calculations to receive credit. 1009 Give Feedback to Microsoft Page 8 of 9

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