On December 31, 2017, Marin Company signed a $1,086,600 note to Headland 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, Marins financial situation worsened. On December 31, 2019, Headland Bank determined that it was probable that the company would pay back only $651,960 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $1,086,600 loan.

Determine the loss on impairment that Headland Bank should recognize on December 31, 2019.(Round present value factors to 5 decimal places, e.g. 0.52500 and final answer to 0 decimal places, e.g. 5,275.)

( The answer I was previously shown is $381,532 (1,033,492-$651,960) which is telling is incorrect.