On December 31, 2025, Sheffield Company signed a $1,038,100 note to Tamarisk 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, Sheffield's financial situation worsened. On December 31, 2027, Tamarisk Bank determined that it was probable that the company would pay back only $622,860 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $1,038,100 loan. (a) Your answer is incorrect. Determine the amount of cash Sheffield received from the loan on December 31, 2025. (Round present value factors to 5 decimal places, e.g. 0.52513 and final answer to O decimal places, e.g. 5,275.) Amount of cash Sheffield received from the loan |