Question 12 3 pts Jet Air Inc. contracted with Systems Plus Inc. to manufacture heavy equipment. The equipment was completed and ready for use On January 1, 2020. Jet Air Inc. issued a $2,000,000 note to Systems Plus Inc. in exchange for the equipment that required 6% interest payments annually over 3 years on December 31 of each year. Although the fair value of the customized heavy equipment was not reasonably determinable, it was determined that 8% was a reasonable rate of interest for such a transaction. Present value of single $1 (Table 2) Present value of $1 ordinary annuity (Table 4) 3 6 3 6 4.00% 0.88900 0.79031 2.77509 5.24214 5.00% 0.86384 0.74622 2.72325 5.07569 6.00% 0.83962 0.70496 2.67301 4.91732 7.00% 0.81630 0.66634 2.62432 4.76654 8.00% 0.793831 0.63017 2.57710 4.62288 9.00% 0.77218 0.59627 2.53129 4.48592 10.00% 0.75131 0.56447 2.48685 4.35526 The equipment is recorded on January 1.2020 at $2,000,000 O $1.896.912. $2,106,920. O $1,895.157.