Question 7 5 pts On June 1, 2020, Jack Company purchased equipment from Jill Corporation. Jack issued a $35,000 7-year, zero-interest-bearing note to Jill for the new equipment. Jack will pay off the note in seven equal installments of $5,000 due at the end of each of the next 7 years. At the date of the transaction, the prevailing market rate of interest for obligations of this nature was 8%. Freight costs of $325 and installation costs of $700 were incurred in completing this transaction. What amount will Jack record for the cost of the equipment? $35,000 O $27,057 O $26,032 $36,025