Answer:
All requirements are solved
Explanation:
An amortization schedule is a complete table of periodic loan payments, showing the amount of principal and the amount of interest that comprise each payment until the loan is paid off at the end of its term. Each periodic payment is the same amount in total for each period.
<u>Requirement A</u>
Amount of cash Flounder received from the loan =(1,278,400 x 0.62092) (102,272 x 3.79079)
Amount of cash Flounder received from the loan = 1,181,476
<u>Requirement B</u>
Date Cash Interest Increase in Carrying Amount
Received Revenue Carrying Amount of Note
12/31/20 1,181,476
12/31/21 102,272 118,148 15,876 1,197,352
12/31/22 102,272 119,735 17,463 1,214,815
<u>Requirement C</u>
Loss due to impairment = 1,214,815 - [(767,040 x 0.75131) (102,272 x 2.48685)]
Loss due to impairment = 384,195
