Question 9 On December 31, 2017, Buffalo Company signed a $1,196,300note to Carla Bank. The market interest rate at that time was12%. The stated interest rate on the note was10%, payable annually. The note matures in 5 years. Unfortunately, because of lower sales, Buffalos financial situation worsened. On December 31, 2019, Carla Bank determined that it was probable that the company would pay back only $717,780of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $1,196,300loan.

Determine the amount of cash Buffalo received from the loan on December 31, 2017.(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 cashBuffaloreceived from the loan

$

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Prepare a note amortization schedule for Carla Bank up to December 31, 2019.(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
12/31/17	$
12/31/18	$	$	$
12/31/19

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Determine the loss on impairment that Carla Bank should recognize on December 31, 2019.(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

$