On January 1, 2022, Barry Company purchased an equipment by signing a five-year installment note requiring five equal payments of $40,000 due on December 31 of each year with the first payment due December 31, 2022. Assuming an implied interest rate of 7%, determine the balance of the note payable (rounded) that Barry Company should report on its December 31, 2022 balance sheet? (requires use of present value tables)