(Impairments) On December 31, 2014, Iva Majoli Company bor r owed $62,092 f r om Paris Bank, signing

(Impairments) On December 31, 2014, Iva Majoli Company bor r owed $62,092 f r om Paris Bank, signing a 5-year, $100,000 zero-interest-bearing note. The note was issued to yield 10% interest. Unfortu- nately, during 2016, Majoli began to experience financial difficulty. As a result, at December 31, 2016, Paris Bank determined that it was probable that it would receive back only $75,000 at maturity. The market rate of interest on loans of this nature is now 11%. Instructions (a) P r epa r e the entry to r eco r d the issuance of the loan by Paris Bank on December 31, 2014. (b) P r epa r e the entr y , if an y , to r eco r d the impairment of the loan on December 31, 2016, by Paris Bank.

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