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On December 31, 2020, Pronghorn Company signed a $1,031,300 note to Stellar Bank. The market interest rate at that time was 11%. The stated interest

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On December 31, 2020, Pronghorn Company signed a $1,031,300 note to Stellar 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, beca of lower sales, Pronghorn's financial situation worsened. On December 31, 2022, Stellar Bank determined that it was probable that the company would pay back only $618,780 of the principal at maturity. However, it was considered likely that inte would continue to be paid, based on the $1,031,300 loan. Determine the amount of cash Pronghorn received from the loan on December 31, 2020. (Round present value factors to 5 decimal places, e.g. 0.52513 and final answer to O decimal places, eg. 5,275.) Amount of cash Pronghorn received from the loan $ e Textbook and Media Prepare a note amortization schedule for Stellar Bank up to December 31, 2022. (Round answers to decimal places, eg. 5,275.) Note Amortization Schedule (Before Impairment) Cash Received Recasted Interest Revenue Increase in Carrying Amount Reverse Carrying Amount of Note Date 12/31/20 12/31/21 $ 12/31/22 e Textbook and Media Determine the loss on impairment that Stellar 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 $

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