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On December 31, 2020, Marin Company signed a $1,035,300 note to Headland Bank. The market interest rate at that time was 11%. The stated

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On December 31, 2020, Marin Company signed a $1,035,300 note to Headland 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, Marin's financial situation worsened. On December 31, 2022, Headland Bank determined that it was probable that the company would pay back only $621,180 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $1,035,300 loan. (a) Determine the amount of cash Marin 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.) Amount of cash Marin received from the loan $ eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer (b) Prepare a note amortization schedule for Headland Bank up to December 31, 2022. (Round answers to 0 decimal places, e.g. 5,275.) Note Amortization Schedule (Before Impairment) Cash Interest Date Received Revenue 12/31/20 12/31/21 $ 12/31/22 Increase in Carrying Amount

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