On December $31,2025,$ Tamarisk Company signed a $\backslash$$$1,284,300$ note to Vaughn Bank. The market interest rate at that time was $\backslash (12\backslash \%\backslash ).$ The stated interest rate on the note was $10\backslash \%,$ payable annually. The note matures in $5$ years. Unfortunately, because of lower sales, Tamarisk's financial situation worsened. On December $31,2027,$ Vaughn Bank determined that it was probable that the company would pay back only $\backslash (\backslash$$ $770,580\backslash )$ of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $\backslash (\backslash$$ $1,284,300\backslash )$ loan.

$($a$)$

Your answer is correct.

Determine the amount of cash Tamarisk received from the loan on December $31,2025.($Round present value factors to $5$ decimal places, e$.$g$.0\mathrm{.}52513$ and final answer to $0$ decimal places, e$.$g$.5,275.)$

Amount of cash Tamarisk received from the loan

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Attempts: $1$ of $3$ used

$($b$)$

Your answer is correct.

Prepare a note amortization schedule for Vaughn Bank up to December $31,2027.($Round answers to $0$ decimal places, e$.$g$.5,275.)$

$($c$)$

Your answer is incorrect.

Determine the loss on impairment that Vaughn Bank should recognize on December $31,2027.($Round present value factors to $5$ decimal places, e$.$g$.0\mathrm{.}52500$ and final answer to $0$ decimal places, e$.$g$.5,275.)$

Loss due to impairment

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Oriole Corporation factors $\backslash$$$276,900$ of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis. Kathleen Battle Financing will collect the receivables. The receivables records are transferred to Kathleen Battle Financing on August $15,2025.$ Kathleen Battle Financing assesses a finance charge of $2\backslash \%$ of the amount of accounts receivable and also reserves an amount equal to $\backslash (4\backslash \%\backslash )$ of accounts receivable to cover probable adjustments.

$($b$)$ Assume that the conditions are met for a transfer of receivables with recourse to be accounted for as a sale. Prepare the journal entry on August $15,2025,$ for Oriole to record the sale of receivables, assuming the recourse obligation has a fair value of $\backslash (\backslash$$ $3,520\backslash ).($If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.$)$