On July 1, 2021, Markwell Company acquired equipment. Markwell paid $180,000 in cash on July 1, 2021, and signed a $720,000 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 Markwell record the purchase of equipment?

TABLE 2 Present Value of $1 PV=$ TABLE 4 Present Value of an Ordinary Annuity of $1 PVA=i1(1+i)n1