Knowledge Check 01 On January 1 Year 1. Luring Company purchased equipment and agreed to make a $10.000 cash payment on December 31, Year 5. At an interest rate of 12%, how much will the company need to deposit today to make the required cash payment on December 31, Year 5? Use Table E1. (Round your answer to 2 decimal places.) Present value S 5674 30 Knowledge Check 01 On January 1, Year 1. Barrett, Inc. purchased equipment and signed a note agreeing to pay $100.000 on December 31, Year 3. The market interest rate applicable to the note was determined to be 10%. What is the amount that will be credited to Note Payable in the journal entry dated January 1, Year 1? Use Table El. (Round your answer to the nearest whole dollar.) Note payable $ 175.131 13 Knowledge Check 01 On January 1 Year 1. Brooks, Inc., borrowed $90,000 from a bank and signed a 5% installment note requiring four annual payments of $25,381. Complete the necessary journal entry to record the first payment made on December 31. Year 1. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list sok Journal entry worksheet ences Record the 5% interest payable on the 590,000 four year note drawn on January 1, Year 1, requiring four annual payments of $25,381. Note: Enter debits before credits Date General Journal Debit Credit January 01 Howledge Check U Turing City, Inc., purchased equipment and agreed to pay the supplier $500 per month for 10 months and an additional $5,000 at the end of 10 months. The supplier is charging 12% Interest per year, or 1% per month. What is the amount of the liability that should be recorded on the date the note is signed? Use Table E1 and Table E.2. (Round your answer to 2 decimal places.) Present value