On January 1, Snipes Construction paid for earth-moving equipment by issuing a $480,000, 2-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%. (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.)

Price of Equipment General Journal At what amount should Snipes record the equipment and the note? (Round your answers to the nearest whole dollars.) Table values are based on: Amount Present Value oan repayments Interest Principa Price of equipment Price of General Journal>