Materials LId purchases inventory on 1 April 207 and agrees to pay the vendor $260,000 on 31 March 209, plus annual interest at 2% each 31 March. The market interest rate for similar term and security is 7%. Assume also that the inventory does not have a readily determinable market value. (PV of S1. PVA of S1, and PVAD of Si:) (Use appropriate factor(s) from the tables provided.) Required: 1 Calculate the present value of the note payable (Round time value factor to 5 decimal places and final answer to the nearest dollar amount.) 2. Prepare a table that shows the balance of the note payable and interest expense over the life of the note (Round time value factor to 5 decimal places and final answer to the nearest dollat amount.)