On December 31, 2020, Vaughn Company signed a $1,105,800 note to Bramble 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, Vaughn's financial situation worsened. On December 31, 2022, Bramble Bank determined that it was probable that the company would pay back only $663,480 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $1,105,800 loan. Determine the amount of cash Vaughn received from the loan on December 31, 2020. (Round present value factors to 5 decimal places, eg. 0.52513 and final answer to decimal places, eg. 5,275.) Amount of cash Vaughn received from the loan $ e Textbook and Media Prepare a note amortization schedule for Bramble Bank up to December 31, 2022. (Round answers to decimal places, eg. 5,275.) Note Amortization Schedule (Before Impairment) Cash Received Increase in Carrying Amount Interest Revenue Date Carrying Amount of Note 12/31/20 12/31/21 $ 12/31/22 eTextbook and Media Determine the loss on impairment that Bramble Bank should recognize on December 31, 2022. (Round present value factors to 5 decimal places, eg. 0.52500 and final answer to O decimal places, eg. 5,275.) Loss due to impairment $ e Textbook and Media Attempts: 0 of 3 used Attempts: 0 of 3 used Save for Later sove for Later Submit Answer Submit Answer On December 31, 2020, Vaughn Company signed a $1,105,800 note to Bramble 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, Vaughn's financial situation worsened. On December 31, 2022, Bramble Bank determined that it was probable that the company would pay back only $663,480 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $1,105,800 loan. Determine the amount of cash Vaughn received from the loan on December 31, 2020. (Round present value factors to 5 decimal places, eg. 0.52513 and final answer to decimal places, eg. 5,275.) Amount of cash Vaughn received from the loan $ e Textbook and Media Prepare a note amortization schedule for Bramble Bank up to December 31, 2022. (Round answers to decimal places, eg. 5,275.) Note Amortization Schedule (Before Impairment) Cash Received Increase in Carrying Amount Interest Revenue Date Carrying Amount of Note 12/31/20 12/31/21 $ 12/31/22 eTextbook and Media Determine the loss on impairment that Bramble Bank should recognize on December 31, 2022. (Round present value factors to 5 decimal places, eg. 0.52500 and final answer to O decimal places, eg. 5,275.) Loss due to impairment $ e Textbook and Media Attempts: 0 of 3 used Attempts: 0 of 3 used Save for Later sove for Later Submit Answer Submit
