P12-20 (similar to) You are the accountant for Molly's Organizing Solutions. The company has been negotiating with various car dealers in an attempt to get the best deal on a new Vroom Vroom XKY. The purchasing manager provides you with a summary of three offers and asks you to analyze them to determine the best arrangement. The options available are to i. Pay 530,000 cash II. Issue an interest free note for $33,600 repayable in 24 equal monthly installments. il Issue a 9% note for $29.000 repayable in 24 equal monthly installments O For a car loan, Molly's Organizing's bank will charge the company a nominal rate of 6% per annum, payable monthly Bentement Requirement a. Analyze the offers in terms of the cost of the purchase expressed in present value terms (Round the monthly interest rates to the nearest hundredth of a percent XXX%. Use a financial calculator for any pres value computations. Round monthly payment calculations to the nearest dollar. Enter your final answers a positive amounts rounded to the nearest dollar) Compute the present value of the consideration given up for each option Option (1) 5 30000 Option (). S 31588 Option (iii) S and then click Check Answer - . Definition Requirements a. Analyze the offers in terms of the cost of the purchase expressed in present value terms b. Independent of requirement (a), prepare the journal entry to record i) the purchase of the automobile assuming that Molly's Organizing issued the $29,000 note, and ii) the first payment on the loan. th of Print Done