On January 1, 2021, Detroit Company purchased new machinery and issued a 4-year noninterest bearing note with a face amount of 8,000,000. The market interest rate on January 1, 2021, and December 31, 2021, is 10% and 8% respectively. Assumptions: 1. The 8,000,000 is payable on the maturity date. 2. The 8,000,000 is payable in equal annual installments starting December 31, 2021. 3. The 8,000,000 is payable in equal annual installments starting January 1, 2021. 4. Assuming the entity elected the fair value option for reporting financial liabilities