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January 1,2025, Marigold Company issued a $1,216,200,5-year, zero-interest-bearing note to Swifty Bank. The note was...

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Accounting

January 1,2025, Marigold Company issued a $1,216,200,5-year, zero-interest-bearing note to Swifty Bank. The note was issued to yield 9% annual interest. Unfortunately, during 2026 Marigold fell into financial trouble due to increased competition. After reviewing all available evidence on December 31,2026, Swifty Bank decided that the loan was impaired. Marigold will probably pay back only $810,800 of the principal at maturity.
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