Required information [The following information applies to the questions displayed below.] On January 1, Boston Company completed the following transactions (use a 7% annual interest rate for all transactions): (FV of $1. PV of $1. FVA of $1, and PVA of $1) Note: Use appropriate factor(s) from the tables provided. a. Promised to pay a fixed amount of $7,000 at the end of each year for six years and a one- time payment of $117,000 at the end of the 6th year. b. Established a plant remodeling fund of $491,500 to be available at the end of Year 7. A single sum that will grow to $491,500 will be deposited on January 1 of this year. c. Agreed to pay a severance package to a discharged employee. The company will pay $76,000 at the end of the first year, $113,500 at the end of the second year, and $151,000 at the end of the third year. d. Purchased a $175,000 machine on January 1 of this year for $35,000 cash. A five-year note is signed for the balance. The note will be paid in five equal year-end payments starting on December 31 of this year. Required: 1. In transaction (a), determine the present value of the debt. Note: Round your intermediate calculations and final answer to nearest whole dollar. 2-a. In transaction (b), what single sum amount must the company deposit on January 1 of this year? 2-b. What is the total amount of interest revenue that will be earned? 3. In transaction (c), determine the present value of this obligation. Note: Round your intermediate calculations and final answer to nearest whole dollar. 4-a. In transaction (d), what is the amount of each of the equal annual payments that will be paid on the note? 4-b. What is the total amount of interest expense that will be incurred?