On July 1, 2021, Markwell Company acquired equipment Markwell paid $175,000 in cash on July 1, 2021, and signed a $700,000 noninterest-bearing note for the remaining balance which is due on July 1, 2022. An interest rate of 5% 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.) Which of the following should be included in the journal entry on July 1, 2021? (Round intermediate and final answer to nearest whole dollar amount.) Multiple Choice Debit: Discount on notes payable, $33,334 Next Activate Go to Settings