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Present and future value tables of $1 at 11% are presented below. PV of $1 FV of $1 PVA of $1 FVA of $1 1

Present and future value tables of $1 at 11% are presented below.

PV of $1 FV of $1 PVA of $1 FVA of $1
1 0.90090 1.11000 0.90090 1.0000
2 0.81162 1.23210 1.71252 2.1100
3 0.73119 1.36763 2.44371 3.3421
4 0.65873 1.51807 3.10245 4.7097
5 0.59345 1.68506 3.69590 6.2278
6 0.53464 1.87041 4.23054 7.9129

On October 1, 2021, Justine Company purchased equipment from Napa Inc. in exchange for a noninterest-bearing note payable in two equal annual payments of $600,000, beginning Oct 1, 2022. Similar borrowings have carried an 11% interest rate. The equipment would be recorded at:

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