Described below are certain transactions of Crane Company for 2021: 1. 2. 3. On May 10, the company purchased goods from Fox Company for $79,500, terms 2/10, n/30. Purchases and accounts payable are recorded at net amounts. The invoice was paid on May 18. On June 1, the company purchased equipment for $84,000 from Rao Company, paying $33,600 in cash and giving a one-year, 9% note for the balance. On September 30, the company discounted at 11% its $180,000, one-year zero-interest-bearing note at Virginia State Bank, receiving $162,000.