On January 1, 2024, The Barrel Company purchased merchandise from a supplier. Payment was a noninterest-bearing note requiring five annual payments of $32,000 on each December 31 beginning on December 31, 2024, and a lump-sum payment of $220,000 on December 31, 2028. A 12% 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= 1= Amount Amount recorded 10 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 $32,000 on each December 31 beginning on December 31,2024 , and a lump-sum payment of $220,000 on December 31,2028 . A 12% interest rate properly reflects the time value of money in this situation. Required: Calculate the amount at which Barrei should record the note payable and corresponding merchandise purchased on January 1, 2024 Note: Round your final answers to nearest whole dollar omount. Use tables, Excel, or a financlal calculator. (FV of S1, PV of S1. FVA of \$1. PVA of \$1. EVAD of \$1 and PVAD of \$1)