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just trying to figure out how to find the loss due to impairment thank you On December 31, 2020, Martinez Company signed a $1,031,300 note

just trying to figure out how to find the loss due to impairment
thank you
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image text in transcribed
image text in transcribed
On December 31, 2020, Martinez Company signed a $1,031,300 note to Sandhill 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. Martinez's financial situation worsened. On December 31, 2022. Sandhill Bank determined that it was probable that the company would pay back only $618,780 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $1,031,300 loan. Determine the amount of cash Martinez received from the loan on December 31, 2020. (Round present value factors to 5 decimal places, eg. 0.52513 and final answer to 0 decimal places, e.g. 5,275.) Amount of cash Martinez received from the loan Your answer is correct. repare a note amortization schedule for Sandhill Bank up to December 31, 2022. (Round answers to 0 decimal places, eg. 5,275.) Determine the loss on impairment that Sandhill Bank should recognize on December 31, 2022. (Round present volue foctors to 5 decimal places, e.g. 0.52500 and final answer to 0 decimal places, e.s. 5.275.) Loss due to impairment

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