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On December 31, 2017, Indgo Company signed a $1,023,100 note to Sweet Bank. The market interest rate at that time was 11%. The stated interest
On December 31, 2017, Indgo Company signed a $1,023,100 note to Sweet Bank. The market interest rate at that time was 11%. The stated interest rate on the note was 9%. Bank determined that it was probable that the company would pay back only $613,860 of the principal at maturity. However, it was considered ikely that interest would continue to be paid, based on the $1,023,100 loan. received from the loan on December 31, 2017 (Round present value factors to 5 decimal places, e.g.o.52513 and f from the loan 94747 schedule for Sweet Bank up to December 31, 2019. (Round answers to o decimal places, eg. S275.) Amount of
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