Dharma, a public company, sold a piece of equipment at the beginning of Year 1, receiving a $16,000, two-year 1% note. Interest is paid at the end of each year. Market interest rates are assumed to be 10%. (PV of $1, PVA of $1, and PVAD of $1.) (Use appropriate factor(s) from the tables provided.) Required: 1. Calculate the present value of the note receivable. (Round time value factor to 5 decimal places. Round intermediate and final answer to the nearest whole dollar amount.) Answer is complete but not entirely correct. Present value $ 277X