On January 1, 2020, the Woods Company purchased land and gave a $30,000 cash down-payment and a zero-interest bearing, four-year $240,000 note. The note is payable in four annual installments of $60,000 each. Each installment is due on December 31st, with the first installment due on December 31, 2020. At the time of the issuance of the note the market interest rate was 3%. Required: For what amount would the Woods Company record the land on its books at January 1, 2020? 3 6% Time Value of Money Tables Present Value of a Single Sum: Periods 296 0.9612 0.9426 0.92390 .8885 0.9057 0.8626 0.8203 0.7441 09070 0.8227 0.9246 0.8548 0.8219 0.6756 0.8900 0.7921 0.7473 0.5584 0.7835 0.6139 1095 0.8265 0.6R30 0.6209 0.3855 0.8573 0.7350 0.6806 0.4632 5% 1.8549 Present Value of an ordinary Annuity Periods 2% 19416 1.9135 3.8077 3.7171 4.7135 4.5797 8.9826 8.5300 1.8861 3.6299 4.4518 8.1109 3.5460 4.4518 7.7217 6% 1.8333 3.4651 4.2124 7.3601 1.7833 3.3121 3.9927 6.7101 10% 1.7355 3.1699 3.7908 6.1446 295 5% 6% 1086 Present Value of an Annuity Due: Periods 19804 1.9709 3.8839 3.8286 4.8077 4.7171 10 9.1622 8.7861 1.9615 3.7751 46299 8.4353 1.9524 3.7223 4.5460 8.1078 1.9434 3.6730 4.4651 7.8017 1.9259 3.5771 4.3121 7.2469 1.9174 3.4869 4.1699 6.7590