Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2018. Payment was made in the form of a noninterest-bearing note requiring Lincoln to make six annual payments of $6,000 on each September 30, beginning on September 30, 2021.

Calculate the amount at which Lincoln should record the note payable and corresponding purchases on September30, 2018, assuming that an interest rate of 12% properly reflects the time value of money in this situation.