On December 31, 2020, Cheyenne Company borrowed $62,961 from Paris Bank, signing a 5-year, $101,400 zero-interest-bearing...

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On December 31, 2020, Cheyenne Company borrowed $62,961 from Paris Bank, signing a 5-year, $101,400 zero-interest-bearing note. The note was issued to yield 10% interest. Unfortunately, during 2022, Cheyenne began to experience financial difficulty. As a result, at December 31, 2022, Paris Bank determined that it was probable that it would receive back only $76,050 at maturity. The market rate of interest on loans of this nature is now 11%. Prepare the entry to record the issuance of the loan by Paris Bank on December 31, 2020. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to O decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Dec. 31, 2020 Debit Credit Prepare the entry, if any, to record the impairment of the loan on December 31, 2022, by Paris Bank. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to O decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Dec. 31, 2022 Account Titles and Explanation Debit Credit On December 31, 2020, Cheyenne Company borrowed $62,961 from Paris Bank, signing a 5-year, $101,400 zero-interest-bearing note. The note was issued to yield 10% interest. Unfortunately, during 2022, Cheyenne began to experience financial difficulty. As a result, at December 31, 2022, Paris Bank determined that it was probable that it would receive back only $76,050 at maturity. The market rate of interest on loans of this nature is now 11%. Prepare the entry to record the issuance of the loan by Paris Bank on December 31, 2020. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to O decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Dec. 31, 2020 Debit Credit Prepare the entry, if any, to record the impairment of the loan on December 31, 2022, by Paris Bank. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to O decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Dec. 31, 2022 Account Titles and Explanation Debit Credit