Exercise $5-16($Algo$)$ Deferred annuities $[$LO$5-8]$

President Company purchased merchandise from Captain Corporation on September $30,2024.$ Payment was made in the form of a noninterest$-$bearing note requiring President to make six annual payments of $$5,600$ on each September $30,$ beginning on September $30,2027.$

Required:

Calculate the amount at which President should record the note payable and corresponding purchase on September $30,2024,$ assuming that an interest rate of $8\%$ properly reflects the time value of money in this situation.

Note: Use tables, Excel, or a financial calculator, Round your final answers to nearest whole dollar amount. Round your intermediate calculations to the nearest whole dollar. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

Amount recorded