Sandhill Inc. provided several entertainment services to Swifty Corporation in the past. On January 1, 2023, when the receivable for the past services was due, Swifty was unable to pay the outstanding balance. Sandhill agreed to accept a $490,000 non-interest bearing note payable on December 31, 2024. Swifty typically could arrange this kind of financing at an interest rate of 15%.

Use 1. PV.1 Tables, 2. a financial calculator, or 3. Excel functions to arrive at the amount to record the note receivable. (Round present value factor calculations to 5 decimal places, e.g. 1.2512. Round PV tables and Excel function answers to O decimal places, e.g. 8,971 and round Financial calculator answer to 2 decimal places, e.g. 89.71.)