signed a $1,196,300 note to bank. The market interest rate at that time was 12%

On December 31, 2020, Kingbird Company signed a $ 1,196,300 note to Oriole Bank. The market interest rate at that time was 12%. The stated interest rate on the note was 10%, payable annually. The note matures in 5 years. Unfortunately, because of lower sales, Kingbird's financial situation worsened. On December 31, 2022, Oriole Bank determined that it was probable that the company would pay back only $ 717,780 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $ 1,196,300 loan. (a) X Your answer is incorrect. Determine the amount of cash Kingbird 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 Kingbird received from the loan $ 143556 e Textbook and Media Assistance Used Save for Later Attempts: 2 of 3 used Submit