BRIEF EXERCISE 12-5 Intangible Assets - Trademarks ($44,000 X 3.60478).... Notes Payable Using a financial calculator (assuming payments are made at the end of each year): PV ? Yields $158,610 12% N 5 PMT $(44,000) FV Type Excel formula: =PV(rate, nper, pmt,fv,type) 158,610 158,610 Brief Exercise 12-5 Concord Inc. purchased an Internet domain name by issuing a $148,000, 4-year, non-interest-bearing note to Ti-Mine Corp. with an effective yield of 11%. The note is repayable in 4 annual payments of $37,000 each. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. Prepare the journal entry to record the purchase of the intangible asset. (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit BE12-5 Sunny Valley Inc. purchased an Internet domain name by issuing a $220,000, five-year, non-interest-bearing note to Ti-Mine Corp. with an effective yield of 12%. The note is repayable in five annual payments of $44,000 each. Prepare the journal entry to record the purchase of the intangible asset.