You are the aOcountant for Maly's Organzing Solutonn The company has been negutiating with various car dealrs in an aftempt to get the best deal on a iw ur m hemepainsmapager provides you wth a Surnmery of theoe offers and asks you to analyze thom to delormine tve best anangement The opsoms avalable are to IPay S30 000 cash I Issue an interost trea note tor $33600 repavable in 24 aqual monthly rstallments i issue a 9% nole for 529.000 repayable in 24 equal monthly instalments For ecar loan. Moly's Organizing's bank wil charge the company a nominal rate of 6% per arum payable monthly Requirements a. Analyze the offers in terms of the cost of the purchase expressed in present value terms. b. Independent of requirement (a), prepare the journal entry to record i) the purchase of the automobile assuming that Molly's Organizing issued the $29,000 note, and ii) the first payment on the loan.