Question 3 (7 points) On June 1, 2020 Atlas Inc purchased inventory from Map Company. Atlas agreed to pay Map $500,000 on May 31, 2022 and also agreed to pay annual interest at 3% each May 31 The market rate of interest for similar terms and risk was 8%. The inventory does not have a readily determinable market value. Atlas Inc. has a December 31 year end and uses the perpetual inventory method Required: a. Calculate the present value of the note payable (1 mark) Round all answers to the nearest dollar b. Using your answer in a prepare the journal entry to record the June 1 2020 transaction and any required journal entry on December 31, 2020 (6 marks)