Multiple Choice On July 1, 2024, a company acquired equipment. The company paid $200,000 in cash on July 1, 2024, and signed a $800,000 noninterest- bearing note for the remaining balance which is due on July 1, 2025. An interest rate of 6% reflects the time value of money for this type of loan agreement. (PV of $1, PVA of $1) For what amount will the company record the purchase of equipment? O O $1,000,000 $947,102 $954,720 Help $754,720 Save & Exit Sub

On July 1, 2024, a company acquired equipment. The company paid $200,000 in cash on July 1, 2024, and signed a $800,000 noninterestbearing note for the remaining balance which is due on July 1,2025. An interest rate of 6% reflects the time value of money for this type of loan agreement. (PV of S1, PVA of S1) For what amount will the company record the purchase of equipment? Mutiple Choice $1,000,000 $947,102 5954,720 5754720