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Materials Ltd. purchases inventory on 1 April 20x7 and agrees to pay the vendor $130,000 on 31 March 20X9, plus annual interest at 2% each 31 March. The market interest rate for similar term and security is 7%. Assume also that the inventory does not have a readily determinable market value (P of $1 PVA of $1. and PVAD 01:51) (Use appropriate factor(a) from the tables provided) Required: 1 Calculate the present value of the note payable (Round time value factor to 5 decimal places and final answer to the nearest dollar amount.) Precent value 2. Prepare a roble that shows the balance of the note payable and interest expense over the life of the note (Round time value factor to 5 decimal places and final answer to the nearest dollar amount) Opening Net Liability Interest Expense Interest Paid Market Rate Discount Amortization Closing Net Liability Year