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On December 31, 2020, Bridgeport Company signed a $1,056,900 note to Indigo Bank

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On December 31, 2020, Bridgeport Company signed a $1,056,900 note to Indigo Bank. The market interest rate at that time was 10%. The stated interest rate on the note was 8%, payable annually. The note matures in 5 years. Unfortunately, because of lower sales, Bridgeport's financial situation worsened. On December 31, 2022, Indigo Bank determined that it was probable that the company would pay back only $634,140 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $1,056,900 loan. (a) Your answer is correct. Determine the amount of cash Bridgeport 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, eg. 5,275.) Amount of cash Bridgeport received from the loan 976,770
(b) Your answer is correct. Prepare a note amortization schedule for Indigo Bank up to December 31, 2022. (Round answers to O decimal places, e.g. 5,275.) Note Amortization Schedule (Before Impairment) Interest Revenue Increase in Carrying Amount Carrying Amount of Note d $ 976,770 84,552 $ 97,677 $ 13,125 989,895 84,552 98,990 14,438 1,004,333
(c) Your answer is incorrect. Determine the loss on impairment that Indigo Bank should recognize on December 31, 2022. (Round present value factors to 5 decimal places, e.g. 0.52500 and final answer to O decimal places, e.g. 5,275.) Loss due to impairment $ $