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 equipment's 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?

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 equipment's 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, EVA of \$1, PVA of \$1, EVAD 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. At what amount should Snipes record the equipment and the note? Note: Round your intermediate calculations to nearest whole dollar. Complete this question by entering your answers in the tabs below. What journal entry should it record for the transaction? Note: Round your answers to the nearest whole dollars. If no entry is required for a transaction/event, select "No joumal entry required" in the first account field. Journal entry worksheet Record the issue of note payable for equipment purchase. Note: Enter debits before credits. 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 equipment's 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, EVA of \$1, PVA of \$1, EVAD 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. At what amount should Snipes record the equipment and the note? Note: Round your intermediate calculations to nearest whole dollar. Complete this question by entering your answers in the tabs below. What journal entry should it record for the transaction? Note: Round your answers to the nearest whole dollars. If no entry is required for a transaction/event, select "No joumal entry required" in the first account field. Journal entry worksheet Record the issue of note payable for equipment purchase. Note: Enter debits before credits