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On January 1. Sheridan Corporation issues a $120,000,10-year non-interest-bearing note to Camden Production for new machinery. The market interest rate is 12% and Camden is

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On January 1. Sheridan Corporation issues a $120,000,10-year non-interest-bearing note to Camden Production for new machinery. The market interest rate is 12% and Camden is to pay $12,000 as an instalments at the end of each year. Fair value for a purchase of the new machinery in cash is not available from the supplier at this time. Click here to view Table A.4-PRESENT VALUE OF AN ORDINARY ANNUITY OF 1 (a) Calculate the purchase price using any of the three methods (tables, financial calculator, or Excel). (Round factor values to 5 decimal places, es. 1.25124 and final answer to 0 decimal places, eg. 5.275.) Purchase price \$\$

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