On December 31, 2020, Marin Company signed a $1,152,800 note to Headland 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, Marins financial situation worsened. On December 31, 2022, Headland Bank determined that it was probable that the company would pay back only $691,680 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $1,152,800 loan.

Determine the loss on impairment that Headland 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.)

Loss due to impairment $