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 $$6,800$ 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 $7\%$ 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)$

Answer is complete but not entirely correct.

Amount recorded