Problem 5-9 (Algo) Noninterest-bearing note; annulty and Iump-sum payment [LO5-3, 5-8] On January 1, 2024, The Barrel Company purchased merchandise from a supplier. Payment was a noninterest-bearing note requiring five annual payments of $35,000 on each December 31 beginning on December 31,2024 , and a lump-sum payment of $250,000 on December 31,2028 . A 12% interest rate properly reflects the time value of money in this situation. Required: Calculate the amount at which Barrel should record the note payable and corresponding merchandise purchased on January 1,2024. Note: Round your finel answers to neorest whole doller amount. Use tables, Excel, or a finenclal celeulator. (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1 )