On June 1, 2020 Atlas Inc. purchased inventory from Map Company. Atlas agreed to pay Map $500,000 on May 31, 2022 and also agreed to pay annual interest at 3% each May 31. The market rate of interest for similar terms and risk was 8%. The inventory does not have a readily determinable market value. Atlas Inc. has a December 31 year end and uses the perpetual inventory method. Required: a. Calculate the present value of the note payable. (1 mark). Round all answers to the nearest dollar. b. Using your answer in 'a' prepare the journal entry to record the June 1, 2020 transaction and any required journal entry on December 31, 2020. (6 marks)