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On December 31, 2020, Sandhill Company signed a $1,152,800 note to Teal 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, Sandhill's financial situation worsened. On December 31, 2022, Teal Bank determined that it was probable that the company would pay back only $691,680 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $1,152,800 loan.
Question 1: Determine the loss on impairment that Teal Bank should recognize on December 31, 2022.
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