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Required 1 Required 2 Required 3 On June 30, 2024, the Stone Company purchased equipment from Paper Corporation. Stone agreed to pay $19,000 on
Required 1 Required 2 Required 3 On June 30, 2024, the Stone Company purchased equipment from Paper Corporation. Stone agreed to pay $19,000 on the purchase date and the balance in five annual installments of $7,000 on each June 30 beginning June 30, 2025. Assuming that an interest rate of 12% properly reflects the time value of money in this situation, at what amount should Stone value the equipment? Note: Round your final answers to nearest whole dollar amount. Time values are based on: n = i= Cash Flow Amount Present Value Installments Down Payment Value of the equipment Show less
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