1 - Note receivable ( 20 Points) On December 31, 2020, Grand Caribe Belize signed a $1,500,000 note to Atlantic Bank Limited. 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, Grand Caribe's financial situation worsened. On December 31, 2022, Atlantic Bank Limited determined that it was probable that the company would pay back only $1,200,000 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $1,500,000 loan. Table Factors for Five Periods Future Value of 1 Present value of 1 Future Value of Ordinary Annuity of