On December 31, 2020, Sweet Company signed a $1,199,900 note to Pharoah 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, Sweets financial situation worsened. On December 31, 2022, Pharoah Bank determined that it was probable that the company would pay back only $719,940 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $1,199,900 loan. New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect.

Determine the amount of cash Sweet 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 Sweet received from the loan $enter a dollar amount of cash Sweet received from the loan eTextbook and Media Incorrect answer iconYour answer is incorrect.

Prepare a note amortization schedule for Pharoah Bank up to December 31, 2022. (Round answers to 0 decimal places, e.g. 5,275.) Note Amortization Schedule (Before Impairment) Date Cash Received Interest Revenue Increase in Carrying Amount Carrying Amount of Note 12/31/20 $enter a dollar amount 12/31/21 $enter a dollar amount $enter a dollar amount $enter a dollar amount enter a dollar amount 12/31/22 enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount eTextbook and Media Incorrect answer iconYour answer is incorrect.

Determine the loss on impairment that Pharoah 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 $enter the Loss due to impairment in dollars