On December 31, 2020, Blue Company signed a $1,049,400 note to Kingbird Bank. 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, Blues financial situation worsened. On December 31, 2022, Kingbird Bank determined that it was probable that the company would pay back only $629,640 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $1,049,400 loan.

Prepare a note amortization schedule for Oriole Bank up to December 31, 2022. (Round answers to decimal places, eg. 5,275.) Note Amortization Schedule (Before Impairment) Cash Received Interest Revenue Increase in Carrying Amount Carrying Amount of Note Date 12/31/20 12/31/21 $ 12/31/22 Determine the loss on impairment that Oriole Bank should recognize on December 31, 2022. (Round present value factors to 5 decimal places, eg. 0.52500 and final answer to O decimal places, e.g. 5,275.) Loss due to impairment $