On January 1, 2023, Sheridan Limited issued a $1,320,000, five-year, zero-interest-bearing note to Northern Savings Bank. The note was issued to yield 9% annual interest. Unfortunately, during 2023 Sheridan fell into financial trouble due to increased competition. After reviewing all available evidence on December 31, 2023, Northern Savings Bank decided that the loan was impaired and that there was a significant change in credit risk. Sheridan will probably pay back only $880,000 of the principal at maturity. For simplicity, assume that this reflects the probability-weightedamount. Both Sheridan and Northern Savings Bank prepare financial statements in accordance with IFRS 9.

Using (1) factor tables, (2) a financial calculator, or (3) Excel function PV, estimate the loss that Northern Savings Bank will suffer from Sheridans financial distress on December 31, 2023. (Hint: Refer to Chapter 3 for tips on calculating.) What journal entries should be made to record this loss? (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)

Need help only for Sheridan Ltd for JE & amount. Already tried 3 attempts, only 2 left. Below is the table if needed,

Date Account Titles and Explanation Sheridan Limited: December 31,2023 PVFn,i=(1+i)n1=(1+i)n PVFADn,i=1+i1(1+i)n11