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Determine the amount of cash concord received from the loan

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Reference no: EM132410287

Question

On December 31, 2020, Concord Company signed a $1,022,000 note to Marigold 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, Concord's financial situation worsened.

On December 31, 2022, Marigold Bank determined that it was probable that the company would pay back only $613,200 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $1,022,000 loan.

Determine the amount of cash Concord received from the loan on December 31, 2020.

Find a note amortization schedule for Marigold Bank up to December 31, 2022

Determine the loss on impairment that Marigold Bank should recognize on December 31, 2022.

Reference no: EM132410287

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