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Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2021. Payment was made in the form of a noninterest-bearing note requiring Lincoln to make
Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2021. Payment was made in the form of a noninterest-bearing note requiring Lincoln to make sIX annual payments of $4,600 on each September 30, beginning on September 30, 2024. (FV of \$1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1 ) (Use approprlate factor(s) from the tables provided. Round your final answer to nearest whole dollar amount.) Requlred: Calculate the amount at which LIncoln should record the note payable and corresponding purchases on September 30,2021 , assuming that an Interest rate of 10% properly reflects the time value of money in this situation
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