90.2K

Verified Solution

Link Copied!

Anyone can help me with this question?

On December 31, 2020, Concord Company signed a $1,228,500 note to Marigold Bank. The market interest rate at that time was 10%. The stated interest rate on the note was 8%, payable annually. The note matures in 5 years. Unfortunately, because of lower sales, Concord's financial situation worsened. On December 31, 2022, Marigold Bank determined that it was probable that the company would pay back only $737,100 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $1,228,500 loan. Determine the amount of cash Concord received from the loan on December 31, 2020. (Round present value factors to 5 decimal places, eg. 0.52513 and final answer to 0 decimal places, eg. 5,275.) Amount of cash Concord received from the loan $ e Textbook and Media Prepare a note amortization schedule for Marigold Bank up to December 31, 2022. (Round answers to O decimal places, e.g. 5,275.) Note Amortization Schedule (Before Impairment) Cash Received Interest Revenue Increase in Carrying Amount Carrying Amount of Note Date 12/31/20 12/31/21 $ 12/31/22 e Textbook and Media Determine the loss on impairment that Marimal Bank should recognize on December 21 2022 (Dund recent value factors to 5 decimal nlaces 52500 and finalansvarer to decimal places en Note Amortization Schedule (Before Impairment) Cash Received Interest Revenue Increase in Carrying Amount Carrying Amount of Note Date 12/31/20 12/31/21 $ 12/31/22 eTextbook and Media Determine the loss on impairment that Marigold Bank should recognize on December 31, 2022. (Round present value factors to 5 decimal places, e.g. 0.52500 and final answer to 0 decimal places, e.g. 5,275.) Loss due to impairment $ On December 31, 2020, Concord Company signed a $1,228,500 note to Marigold Bank. The market interest rate at that time was 10%. The stated interest rate on the note was 8%, payable annually. The note matures in 5 years. Unfortunately, because of lower sales, Concord's financial situation worsened. On December 31, 2022, Marigold Bank determined that it was probable that the company would pay back only $737,100 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $1,228,500 loan. Determine the amount of cash Concord received from the loan on December 31, 2020. (Round present value factors to 5 decimal places, eg. 0.52513 and final answer to 0 decimal places, eg. 5,275.) Amount of cash Concord received from the loan $ e Textbook and Media Prepare a note amortization schedule for Marigold Bank up to December 31, 2022. (Round answers to O decimal places, e.g. 5,275.) Note Amortization Schedule (Before Impairment) Cash Received Interest Revenue Increase in Carrying Amount Carrying Amount of Note Date 12/31/20 12/31/21 $ 12/31/22 e Textbook and Media Determine the loss on impairment that Marimal Bank should recognize on December 21 2022 (Dund recent value factors to 5 decimal nlaces 52500 and finalansvarer to decimal places en Note Amortization Schedule (Before Impairment) Cash Received Interest Revenue Increase in Carrying Amount Carrying Amount of Note Date 12/31/20 12/31/21 $ 12/31/22 eTextbook and Media Determine the loss on impairment that Marigold Bank should recognize on December 31, 2022. (Round present value factors to 5 decimal places, e.g. 0.52500 and final answer to 0 decimal places, e.g. 5,275.) Loss due to impairment $

Answer & Explanation Solved by verified expert

See Answer