Moonshine Company signed a note for $55.000 to purchase a new piece of equipment. MoonShine will pay the $55.000 back at the end of two years along with any accrued interest. The annual interest rate on the loan is 5% Required: 1. Compute the present value of this long-term liability (EV of $1. PY of $1. FVA ofs1 and PVA of S1) (Use the appropriate factor(s) from the tables provided. Round your answer to nearest whole dollar.) t value 2. Prepare the journal entry MoonShine will record on the day it purchases the plece of equipment and signs the note. (If no entry is required for a transactionlevent, select "No journal entry required" in the first account fiel View transaction list Journal entry worksheet Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal References eBook & Resources