On December 31, 2020, Cullumber Company signed a $1,186,300 note to Riverbed Bank. The market interest rate at that time was 12%. The stated interest rate on the note was 10%, payable annually. The note matures in 5 years. Unfortunately, because of lower sales, Cullumbers financial situation worsened. On December 31, 2022, Riverbed Bank determined that it was probable that the company would pay back only $711,780 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $1,186,300 loan.

Determine the amount of cash Cullumber received from the loan on December 31, 2020. (Round present value factors to 5 decimal places, e.g. 0.52513 and final answer to 0 decimal places, e.g. 5,275.)

1. Amount of cash Cullumber received from the loan

2. Prepare a note amortization schedule for Riverbed Bank up to December 31, 2022. (Round answers to 0 decimal places, e.g. 5,275.)

3. Determine the loss on an impairment that Riverbed Bank should recognize on December 31, 2022. (Round present value factors to 5 decimal places, e.g. 0.52500 and final answer to 0 decimal places, e.g. 5,275.)