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On January 1 , Snipes Construction paid for earth - moving equipment by issuing a $ 3 6 0 , 0 0 0 , 3

On January 1, Snipes Construction paid for earth-moving equipment by issuing a $360,000,3-year note that specified 2% interest to be paid on December 31 of each year. The equipments retail cash price was unknown, but it was determined that a reasonable interest rate was 5%.
Note: 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)
At what amount should Snipes record the equipment and the note?
What journal entry should it record for the transaction?

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