On January 1, 2024, The Barrel Company purchased merchandise from a supplier. Payment was a noninterest-bearing note requiring five annual payments of $36,000 on each December 31 beginning on December 31, 2024, and a lump-sum payment of $260,000 on December 31, 2028. An 11% 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) Time values are based on: Cash Flow Payments Lump Sum n = i = Amount recorded Amount Present Value

On January 1, 2024, The Barrel Company purchased merchandise from a supplier. Payment was a noninterest-bearing note requiring five annual payments of $36,000 on each December 31 beginning on December 31, 2024, and a lump-sum payment of $260.000 on December 31,2028 , An 11% 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, EVAD of \$1 and PVAD of \$1)