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On January 1, 2024, The Barrel Company purchased merchandise from a supplier. Payment was a noninterest-bearing note requiring five annual payments of $29,000 on each
On January 1, 2024, The Barrel Company purchased merchandise from a supplier. Payment was a noninterest-bearing note requiring five annual payments of $29,000 on each December 31 beginning on December 31,2024 , and a lump-sum payment of $190,000 on December 31,2028 . A 9% 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 )
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