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On December 31, 2020, Coronado Company signed a $1,132,500 note to Whispering Bank. The market interest rate at that time was 10%. The stated interest

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On December 31, 2020, Coronado Company signed a $1,132,500 note to Whispering 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, Coronado's financial situation worsened. On December 31, 2022, Whispering Bank determined that it was probable that the company would pay back only $679,500 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $1,132,500 loan. (a) Your answer is correct. Determine the amount of cash Coronado received from the loan on December 31, 2020. (Round present value factors to decimal places, es 0.52513 and final answer to O decimal places, es 5.275) Amount of cash Coronado received from the loan $ 1046638 e Textbook and Media Prepare a note amortization schedule for Whispering Bank up to December 31, 2022. (Round answers to decimal places, eg. 5,275) Note Amortization Schedule (Before Impairment) Date Cash Received Interest Revenue Increase in Carrying Amount Carryin Amount Note 2/31/20 2/31/21 $ 2/31/22 e Textbook and Media Sare forster Attempts: 0 of 3 used Submit Answer (c)

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