n January 1, 2024, The Barrel Company purchased merchandise from a supplier. Payment was a noninterest-bearing note requiring re annual payments of $31,000 on each December 31 beginning on December 31,2024 , and a lump-sum payment of $210,000 on ecember 31,2028 . An 11% interest rate properly reflects the time value of money in this situation. tequired: Calculate the amount at which Barrel should record the note payable and corresponding merchandise purchased on January 1, 2024. Note: Round your final answers to nearest whole dollar amount. Use tables, Excel, or a financial calculator. (FV of \$1. PV of \$1. EVA of \$1, PVA of \$1, FVAD of \$1 and PVAD of \$1)