On December 31, 2020, Culver Company signed a $1,196,300 note to Larkspur 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, Culvers financial situation worsened. On December 31, 2022, Larkspur Bank determined that it was probable that the company would pay back only $717,780 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $1,196,300 loan.

(a)

Determine the amount of cash Culver received from the loan on December 31, 2020.