On January 1, Snipes Construction paid for earth moving equipment by issuing a $340,000, 5-year note that specified 3% interest to be paid on December 31 of each year. The equipment's retail cash price was unknown, but it will determined that a reasonable interest rate wos 6%, EV of $1. PV of $1. EVA of $1. PVA of $1. FVAD of S1 and PVAD of SO At what amount should Snipes record the equipment and the note? What journal entry should it record for the transaction