Bennett Industries purchased a large piece of equipment from Crumpet Company on January 2, 20X1. Bennett signed a note, agreeing to pay Crumpet $400,000 for the equipment on December 31, 20X3. The market rate of interest for similar notes was 8%. The present value of $400,000 discounted at 8% for three years is $317,520. On January 2, 20X1, Bennett recorded the purchase with a debit to equipment for $317,520 and a credit to notes payable for $317,520. On Bennett's 20X1 year-end statement of financial position, the book value of the liability for notes payable related to this purchase would equal which of the following? Selected Answer: Correct An amount more than $317,520. Answers: $317,520 An amount less than $317,520. Correct An amount more than $317,520. An amount more or less than $317,520 depending upon Bennett's income for the year