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  3. on december 31,2025, nash company signed a $1,035,

On December 31,2025, Nash Company signed a $1,035,300 note to Crane Bank. The market interest...

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Accounting

On December 31,2025, Nash Company signed a $1,035,300 note to Crane 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, Nash's financial situation worsened. On December 31,2027, Crane Bank determined that it was probable that the company would pay back only $621,180 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $1,035,300 loan.(b)
Your answer is correct.
Prepare a note amortization schedule for Crane Bank up to December 31,2027.(Round answers to 0 decimal places, e.g.5,275.) Your answer is correct.
Prepare a note amortization schedule for Crane Bank up to December 31,2027.(Round answers to 0 decimal places, e.g.5,275.)(c)
X Your answer is incorrect.
Determine the loss on impairment that Crane Bank should recognize on December 31,2027.(Round present value factors to 5
decimal places, e.g.0.52500 and final answer to 0 decimal places, e.g.5,275.)
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