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Question: On December 31, 2017, Wildhorse Company signed a $1,105,800 note to Sheffield 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, Wildhorse's financial situation worsened. On December 31, 2019, Sheffield Bank determined that it was probable that the company would pay back only $663,480 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $1,105,800 loan.
Determine the loss on impairment that Sheffield 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.)
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