1. On June 30, 2016, the Johnstone Company purchased equipment from Genovese Corp. Johnstone agreed to pay Genovese $22,000 on the purchase date and the balance in five annual installments of $5,000 on each June 30 beginning June 30, 2017. Assuming that an interest rate of 11% properly reflects the time value of money in this situation, at what amount should Johnstone value the Table values are based on: Cash Flow Amount Present Value Installments Down Payment Value of the equipment 1. On June 30, 2016, the Johnstone Company purchased equipment from Genovese Corp. Johnstone agreed to pay Genovese $22,000 on the purchase date and the balance in five annual installments of $5,000 on each June 30 beginning June 30, 2017. Assuming that an interest rate of 11% properly reflects the time value of money in this situation, at what amount should Johnstone value the Table values are based on: Cash Flow Amount Present Value Installments Down Payment Value of the equipment