On July 1, 2021, GDV Inc. acquired equipment. GDV Inc. paid $210,000 in cash on July 1, 2021, and signed a $840,000 noninterest-bearing note for the remaining balance which is due on July 1, 2022. An interest rate of 7% reflects the time value of money for this type of loan agreement. (PV of $1, PVA of $1) (Use appropriate factor(s) from the tables provided.) For what amount will GDV Inc. record the purchase of equipment?

• $987,429.

• $1,050,000.

• $895,047.

• $995,047.