On 1/1/2021, Ellie Corporation purchases and receives) a machine. Ellie signs an agreement to make a single payment of $400,000 on 12/31/22 for the machine. Assume that the market interest rate for this arrangement is 8% annually. Required: What is the present value of this payment arrangement? Round your final answer to the nearest dollar and enter it in the box below. Answer: Describe your work for partial credit: Required: What journal entry should Ellie Corp. record on 1/1/21 for the purchase of the machine? Remember to include financial statement effects in parentheses. All journal entry lines may not be necessary. Date Account Debit Credit 1/1/21 Required: What adjusting entry will Ellie Corp. need to record associated with this payment arrangement on 12/31/21 (i.e., the end of the 1st year)? Remember to include financial statement effects in parentheses. All journal entry lines may not be necessary. Date Account Debit Credit 12/31/21