Grouper Inc. bought an Internet domain name by issuing a $240,000, 5-year, non-interest-bearing note to Ti-Mine Corp. with an effective yield of 10%. The note is repayable in 5annual payments of $48,000 made at the end of each year.

Click here to view the factor table PRESENT VALUE OF 1.
Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1.

Prepare the journal entry to record the purchase of the intangible asset. (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
enter an account title	enter a debit amount	enter a credit amount
enter an account title