questions, 40 points in total) 34. (5.0score) On December 30, 2007, Cey, Inc. purchased a machine from Frank Corp. in exchange for a non in hearing note requiring eight payments of $50,000. The first payment was made on December 30, 2007, and the others are due annually on December 30. At date of issuance, the prevailing rate of interest for this type of note was 11%. Present value factors are as follows: Present Value of Ordinary 19 Present Value of 19560110 Period Annuity of 1 at 11% Annuity Due of 1 at 11% 7 4.712 19560110 5.231 8 5.146 19560110 5.712