Sage Hill Corporation purchased a truck by issuing an $$78,600,$ four$-$year, non$-$interest$-$bearing note to Equinox Inc. The market

interest rate for obligations of this nature is $12\%.$

Click here to view Table A$\mathrm{.}2-$ PRESENT VALUE OF $1$

Calculate the purchase price using any of the three methods $($tables$,$ financial calculator, or Excel$).($Round factor values to $5$ decimal

places, e$.$g$.1\mathrm{.}25124$ and final answers to $0$ decimal places, e$.$g$.5,275.)$

Purchase price $

Prepare the journal entry to record the truck purchase. $($Credit account titles are automatically indented when the amount is entered. Do

not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List debit entry before credit

entry.$)$

Account Titles and Explanation

Debit

Credit