On January $1,2024,$ The Barrel Company purchased merchandise from a supplier. Payment was a noninterest$-$bearing note requiring five annual payments of $$26,000$ on each December $31$ beginning on December $31,2024,$ and a lump$-$sum payment of $$160,000$ on December $31,2028.$ A $9\%$ interest rate properly reflects the time value of money in this situation.

Required:

Calculate the amount at which Barrel should record the note payable and corresponding merchandise purchased on January $1,2024.$