On December 31, 2020, Stellar Company signed a $ 1,022,000 note to Pearl 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, Stellar’s financial situation worsened. On December 31, 2022, Pearl Bank determined that it was probable that the company would pay back only $ 613,200 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $ 1,022,000 loan.

 

Prepare a note amortization schedule for Pearl Bank up to December 31, 2022. (Round answers to 0 decimal places, e.g. 5,275.) Note Amortization Schedule (Before Impairment) Increase in Carrying Cash Interest Carrying Amount of Received Revenue Amount Note 2$ 946,454 2$ 91980 $ 104110 $ 12,130 958,584 91980 105444 13,464