On September 1, 2023, Sheridan Ltd. purchased equipment for $42,600 by signing a two-year note payable with a face value of $42,600 due on September 1, 2025. The going rate of interest for this level of risk was 7%. The company has a December 31 year end. (The tables in this problem are to be used as a reference for this problem.) Click here to view Table A.2-PRESENT VALUE OF 1-(PRESENT VALUE OF A SINGLE SUM) Click here to view Table A.4-PRESENT VALUE OF AN ORDINARY ANNUITY OF 1 (a)