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President Company purchased merchandise from Captain Corporation on September 3 0 , 2 0 2 4 . Payment was made in the form of a

President Company purchased merchandise from Captain Corporation on September 30,2024. Payment was made in the form of a noninterest-bearing note requiring President to make six annual payments of $7,600 on each September 30, beginning on September 30,2027.
Required:
Calculate the amount at which President should record the note payable and corresponding purchase on September 30,2024, assuming that an interest rate of 10% properly reflects the time value of money in this situation.

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