8. Property taxes in a particular district are 4% of the purchase price of a home every year. If you just purchased a $250 000 home, what is the present value of all the future property tax payments? Assume that the house remains worth $250 000 forever, property tax rates never change, and a 6% interest rate is used for discounting. New Age Designs Ltd. sold $1,340,000 of its accounts receivable to OBM Bank on a with recouse basis on February 12, 2020. OBM Bank will charge New Age 8% of the total receivables balance as a financing fee, and will withhold an initial amount of 9% for sales returns and allowances. New Age Designs estimates that the fair value of the recourse obligation is $105,000. Both New Age Designs and OBM Bank follow ASPE Required 1. Prepare the journal entry required on the books of New Age Designs Ltd. on February 12. 2020 for the disposal of the receivables. (4 marks) 2. Prepare the journal entry required on the books of OBM Bank on February 12, 2020 for the purchase of the receivables. (2 marks)