On January $1,2024,$ The Barrel Company purchased merchandise from a supplier. Payment was a noninterest$-$bearing note requiring five annual payments of $$22,000$ on each December $31$ beginning on December $31,2024,$ and a lump$-$sum payment of $$120,000$ on December $31,2028.$ A $12\%$ 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 $1,2024.$

Note: Round your final answers to nearest whole dollar amount. Use tables, Excel, or a financial calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$