Date of Delivery Debit Accounts Credit Record the down payment: 5000 5000 Record the receivable: Notes receivable 213580 213580 On April 1, Year 1, a new customer purchased a piece of equipment from Thomas Tech Center by paying $5,000 down and $9,000 at the end of each of the next 76 calendar quarters. What is the purchase price of the machinery if the rate of interest agreed upon was an annual rate of 16% compounded quarterly? Which of the following financial statement items is impacted in this transaction? Notes Receivable The problem is solving for: Present Value The calculation involves: An Ordinary Annuity Amount Keystroke Step 1: 4 1/4 Step 2 76 N Step 3: 9000 + PMT Step 4: CPT PV Answer: 213580 Date of Delivery