Regina Corporation purchased a truck by issuing a noninterest-bearing note to Quong Inc. The face value of the note, its term, and the market rate of interest for notes of this type is presented here. Face value of note $70,000 Term of note in years 4 Market interest rate 10% Required:

Provide input into cells shaded in yellow in this template. Input the required mathematical formulas or functions with cell references to the Problem area or work area as indicated.

Calculate the purchase price using Excel.
	Purchase price
Prepare the journal entry to record the truck purchase.

				Debit	Credit