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At January 1, 2022, NCI Industries was indebted to First Federal Bank under a $240,000, 10% unsecured note. The note was signed January 1, 2018, and was due December 31, 2023. Annual interest was last paid on December 31, 2020. NCI was experiencing severe financial difficulties and negotiated a restructuring of the terms of the debt agreement. First Federal agreed to reduce last years interest and the remaining two years interest payments to $11,555 each and delay all payments until December 31, 2023, the maturity date. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Determine whether the terms of the restructured debt are substantially different from those of the original debt using the 10% test of IFRS 9. Assume that any overdue interest is payable immediately under the terms of the original debt agreement. The effective interest rate under the original loan agreement was 10%. Assume no penalties and no interest on accrued interest on existing debt. 2. Prepare the journal entries by NCI Industries, necessitated by the restructuring of the debt at (a) January 1, 2022; (b) December 31, 2022; and (c) December 31, 2023. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round final answers to the nearest whole dollar.)

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