On January 1, 2019, Tardis Company purchased equipment by signing a non-interest-bearing note having a face amount of $480,000. The note is to be paid in four annual installments of $120,000 each, the first of which is due in one year on January 1, 2020. An assumed interest rate of 12% is implicit in the purchase price. Based on these facts, at what amount should the equipment be recorded (select closest amount)? show all calculations including formulas