1 point On January 1, 20x1, REEDY SLENDER Co. purchased fixtures at an Installment price of P520,000. REEDY paid P40,000 cash down payment and issued a three-year noninterest bearing note of P480,000 payable in three equal annual Installments starting December 31, 20x1 for the balance. The prevalling rate for the note as of January 1, 20x1 is 12%. How much is the Initial cost of the fixtures? O 360,000 0424,293 480,000 O 520,000