Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2013. Payment was made in the form of a noninterest-bearing note requiring Lincoln to make six annual payments of $7,000 on each September 30, beginning on September 30, 2016.

Required: Calculate the amount at which Lincoln should record the note payable and corresponding purchases on September 30, 2013, assuming that an interest rate of 6% properly reflects the time value of money in this situation. (Use PV of $1 "Table 2" and PVA of $1 "Table 4") (Round "PV Factors" to 5 decimal places, intermediate and final answer to the nearest dollar amount.)