Rapid Airline purchased equipment on May 1, 2021. Rapid paid $185,000 in cash on May 1, 2021, and signed a $740,000 noninterest-bearing note for the remaining balance which is due on May 1, 2022. An interest rate of 6% reflects the time value of money for this type of loan agreement. (PV of $1, PVA of $1) (Use appropriate factor(s) from the tables provided.) For what amount will Rapid record the purchase of equipment?