On July $1,2024,$ a company acquired equipment. The company paid $$205,000$ in cash on July $1,2024,$ and signed a $$820,000$ noninterest$-$bearing note for the remaining balance which is due on July $1,2025.$ An interest rate of $5\%$ reflects the time value of money for this type of loan agreement. $($PV of $$1,$ PVA of $$1)$

For what amount will the company record the purchase of equipment?

Multiple Choice

$$1,025,000$

$$780,952$

$$978,334$

$$985,952$