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On December 31, 2020, Pronghorn Company signed a $1,067,100 note to Stellar Bank. The market interest rate at that time was 11%. The stated interest
On December 31, 2020, Pronghorn Company signed a $1,067,100 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, because 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 $640,260 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $1,067,100 loan. Your answer is incorrect. 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 0 decimal places, e.g. 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 0 decimal places, e.g. 5,275.) Note Amortization Schedule (Before Impairment) Cash Received Interest Revenue Increase in Carrying Amount Carrying Amount of Note Date 12/31/20 $ 12/31/21 $ LA 12664 12/31/22 14057 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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