On January 1, Snipes Construction paid for earth-moving equipment by issuing a $470,000, 6-year note that specified 4% 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 7%. (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? Complete this question by entering your answers in the tabs below. Price of Equipment General Journal At what amount should Snipes record the equipment and the note? (Round your answer to the nearest whole dollars.) Price of equipment Complete this question by entering your answers in the tabs below. Price of Equipment General Journal What journal entry should it record for the transaction? (Round your answers to the nearest whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Event General Journal Debit Credit 1 1 Equipment Discount on notes payable Notes payable 470,000