On December 31, 2020, Stellar Company signed a $1,056,900 note to Pearl Bank. The market interest rate at that time was 10%. The stated interest rate on the note was 8%, payable annually. The note matures in 5 years. Unfortunately, because of lower sales, Stellars financial situation worsened. On December 31, 2022, Pearl Bank determined that it was probable that the company would pay back only $634,140 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $1,056,900 loan.

* The answers I got so far were: Amount of cash received form loan is 976770 Carrying amount of note= 1004333 How to find loss due to impairment on this?