On December 31, 2017, Buffalo Company signed a $1,137,500 note to Carla 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

On December 31, 2017, Buffalo Company signed a $1,137,500 note to Carla 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, Buffalo’s financial situation worsened. On December 31, 2019, Carla Bank determined that it was probable that the company would pay back only $682,500 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $1,137,500 loan.

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 cash Buffalo received from the loan

$ [removed]

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								$ [removed]
12/31/18		$ [removed]		$ [removed]		$ [removed]		[removed]
12/31/19		[removed]		[removed]		[removed]		[removed]

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

$ [removed]