On January $1,$ Snipes Construction paid for earth$-$moving

equipment by issuing a $$300,000,3-$year note that specified $2\%$

interest to be paid on December $31$ of each year. The equipment$$s

retail cash price was unknown, but it was determined that a

reasonable interest rate was $5\%.($FV of $$1,$ PV of $$1,$ FVA of $$1,$

PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)($Use appropriate factor$($s$)$

from the tables provided.$)$ At what amount should Snipes record the

equipment and the note? What journal entry should it record for the

transaction?Complete this question by entering your answers in the

tabs below.At what amount should Snipes record the equipment and the

note?$($Round your answers to the nearest whole dollars.$)$