On December 31, 2020, Kingbird Company signed a $1,184,400 note to Oriole Bank. The market interest rate at that time was 11%. The stated interest rate on the note was 9%, payable annually. The note matures in 5 years. Unfortunately, because of lower sales, Kingbirds financial situation worsened. On December 31, 2022, Oriole Bank determined that it was probable that the company would pay back only $710,640 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $1,184,400 loan.

Prepare a note amortization schedule for Oriole Bank up to December 31, 2022.

Determine the loss on impairment that Oriole Bank should recognize on December 31, 2022.