On December 31, 2024, Sheffield Company finished consulting services and accepted in exchange a promissory note with a face value of $820,000, a due date of December 31, 2027, and a stated interest rate of 5%, with interest receivable at the end of each year. The fair value of the services is not readily determinable and the note is not readily marketable. Under the circumstances, the note is considered to have an appropriate imputed rate of interest of 10%.

(Review photo) The following interest factors are provided:

		Interest Rate
Table Factors For Three Periods		5%		10%
Future Value of 1		1.15763		1.33100
Present Value of 1		0.86384		0.751315
Future Value of Ordinary Annuity of 1		3.15250		3.31000
Present Value of Ordinary Annuity of 1		2.72325		2.48685

On December 31,2024 , Sheffield Company finished consulting services and accepted in exchange a promissory note with a face value of $820,000, a due date of December 31,2027 , and a stated interest rate of 5%, with interest receivable at the end of each year. The fair value of the services is not readily determinable and the note is not readily marketable. Under the circumstances, the note is considered to have an appropriate imputed rate of interest of 10%. The following interest factors are provided: Determine the present value of the note. (Round answer to 0 decimal places, e.g. 5.275.) On December 31,2024 , Sheffield Company finished consulting services and accepted in exchange a promissory note with a face value of $820,000, a due date of December 31,2027 , and a stated interest rate of 5%, with interest receivable at the end of each year. The fair value of the services is not readily determinable and the note is not readily marketable. Under the circumstances, the note is considered to have an appropriate imputed rate of interest of 10%. The following interest factors are provided: Determine the present value of the note. (Round answer to 0 decimal places, e.g. 5.275.)