Company M is considering financing an equipment purchase through terms provided by the vendor. In order to determine the present value of the loan and the equipment, what information is required? 1) The amount of the down payment and future cash payments, the incremental borrowing rate, and the timing of the cash payments are taken into consideration to determine the present value. 2) The number of performance obligations must be determined before the price can be determined. For a given performance obligation, the present value is the sum of the cash payments. 3) The price, as quoted, per the vendor's website is the same as the present value. 4) The number of periodic cash payments multiplied by the cash payment amount. This amount is then added to the down payment to arrive at the present value