[2:43 p.m., 2023-09-21] Nawras Assaf: On December 31, 2022, Teal Mountain Inc. borrowed $81,508 from Par Bank, signing a $149,000, 7-year, non- interest-bearing note. The note was issued to yield 9% interest. Unfortunately, during 2023 Teal Mountain began to experience financial difficulty. This was determined to be a significant crease in risk, and at December 31, 2023, Par Bank estimated that it was probable that it would receive only $111,750 at maturity. For simplicity, assume that this reflects the probability-weighted amount. The market rate of interest on loans of this nature is now 12%. Both companies prepare financial statements in accordance with IFS 9. [2:44 p.m., 2023-09-21] Nawras Assaf: Using (1) factor tables, (2) a financial calculator, or (3) Excel function PV, prepare the entry (if any) to record the impairment of the loan on December 31, 2023, by Par Bank. (Hint: Refer to Chapter 3 for tips on calculating.)