Metlock Corporation purchases a specially built robot spray painter for its production line. The company issues a $80,000, five-year, non-interest-bearing note to Wrigley Robotics Ltd. for the new equipment when the prevailing market interest rate for obligations of this nature is 12%. Metlock is to pay off the note in five $16,000 instalments made at the end of each year. Assume that the fair value of this specially built robot cannot readily be determined. Therefore, it has to be approximated by establishing the note's fair value (the present value of an ordinary annuity [PVOA]). Click here to view Table A.4 - PRESENT VALUE OF AN ORDINARY ANNUITY OF 1 (a1) Your answer is correct. At what amount should Metlock record the equipment purchased? (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275.) Your answer is partially correct. Provide the journal entries at the purchase and payment dates. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries. Round answers to 0 decimal places, e.g. 5,275.) (To record interest expense for the second year) (To record instalment paid for the second year) eTextbook and Media List of Accounts Attempts: 7 of 15 used