Grouper Inc. is a reliable, long$-$term customer of Monty Ltd$.$ Due to unexpected costs of rapid expansion, Grouper was unable to

pay its account balance when it became due on January $1,2023.$ Monty agreed to accept a $$225,000$ non$-$interest bearing note

that would be payable on December $31,2026.$ This type of financing would typically have an interest rate of $12\%.$

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

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

$($a$)$

Use $1.$ PV$.1$ Tables, $2.$ a financial calculator, or $3.$ Excel functions to arrive at the amount to record the note receivable.

$($Round present value factor calculations to $5$ decimal places, e$.$g$.1\mathrm{.}25124$ and round final answer to $0$ decimal

places, e$.$g$.8,971.)$

Note receivable $