On January 1, 2024, The Barrel Company purchased merchandise from a supplier. Payment was a noninterest-bearing note requiring five annual payments of $24,000 on each December 31 beginning on December 31,2024 , and a lump-sum payment of $140,000 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 financlal calculator. (EV of S1, PV of S1, FVA of \$1. PVA of \$1. EVAD of \$1 and PVAD of \$1)