Business, 13.11.2019 06:31 Lindy4886

On december 31, 2020, martinez company signed a $1,186,300 note to sandhill 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, martinez’s financial situation worsened. on december 31, 2022, sandhill bank determined that it was probable that the company would pay back only $711,780 of the principal at maturity. however, it was considered likely that interest would continue to be paid, based on the $1,186,300 loan.

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On december 31, 2020, martinez company signed a $1,186,300 note to sandhill bank. the market interes...