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On December 31, 2020, Concord Company signed a $1,086,600 note to Marigold Bank. The market interest rate at that time was 11%. The stated interest rate on the note was 9%, payable annually. The note matures in 5 years. Unfortunately, because of lower sales, Concords financial situation worsened. On December 31, 2022, Marigold Bank determined that it was probable that the company would pay back only $651,960 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $1,086,600 loan.

a)

b)

c)

(a) Your answer is correct. 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 O decimal places, e.g. 5,275.) Amount of cash Concord received from the loan $ 1006280 eTextbook and Media Attempts: 1 of 3 used (b) Your answer is correct. Prepare a note amortization schedule for Marigold Bank up to December 31, 2022. 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 $ 1006280 1/21 $ 97794 $ 110691 $ 12897 1019176 12/31/22 97794 112109 14315 1033492 e Textbook and Media Attempts: 1 of 3 used (c) * Your answer is incorrect. Determine the loss on impairment that Marigold Bank should recognize on December 31, 2022. (Round present value factors to 5 decimal places, eg.0.52500 and final answer to decimal places, eg. 5,275.) Loss due to impairment $ 354320 e Textbook and Media Save for Later Attempts: 2 of 3 used Submit Answer (c) * Your answer is incorrect. Determine the loss on impairment that Marigold Bank should recognize on December 31, 2022. (Round present value factors to 5 decimal places, eg. 0.52500 and final answer to O decimal places, eg. 5,275.) Loss due to impairment $ 381532 e Textbook and Media Attempts: 1 of 3 used

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