On December 31,2020 , Coronado Company signed a $1,061,900 note to Whispering Bank. The market...
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On December 31,2020 , Coronado Company signed a $1,061,900 note to Whispering Bank. The market inter est 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, Coronado's financial situation worsened On December 31, 2022. Whispering Bank determined that it was probable that the company would pay back only $637,140 of the principal at maturity. However, it was consider ed likely that interest would continue to be paid, based on the $1,061,900 loan. (a) Determine the amount of cash Coronado received from the loan on December 31, 2020. (Round present value foctors to 5 decimol ploces, eg. 0.52513 and final answer to 0 decimal ploces, eg 5.275.) Amount of cash Coronado received from the loan
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