President Company purchased merchandise from Captain Corp. on September 30, 2024. Payment was made in the form
Question:
President Company purchased merchandise from Captain Corp. on September 30, 2024. Payment was made in the form of a noninterest-bearing note requiring President to make six annual payments of $5,000 on each September 30, beginning on September 30, 2027.
Required:
Calculate the amount at which President should record the note payable and corresponding purchase on September 30, 2024, assuming that an interest rate of 10% properly reflects the time value of money in this situation.
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PVA 5000 X 435526 21776 Present value of an ordinary annuity o...View the full answer
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