Brief Exercise 1410 Note with unrealistic interest rete Lo14.3] On January 1, Snipes Construction paid for earth-moving equipment by issuing a $360,000, 3-year note that specified 2% interest to be paid on December 31 of each year. The equipment's retail cash price was unknown, but it was determined that a reasonable interest rate was 5%. (FVofSI, PV of $1. EVAof$1, PVAof $1. EVADofS1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) At what amount should Snipes record the equipment and the note? What journal entry should it record for the transaction? Complete this question by entering your answers in the tabs below. Price of General EquipmentJournal At what amount should Snipes record the equipment and the note? (Round your answers to the nearest whole dollars.) Table values are based on: n: Loan repayments Amount Present Value Interest Principal Price of equipment Price of E General Journal> Journal entry worksheet Record the issue of note payable for equipment purchase. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal