Teal Mountain Incorporated purchased metal to build a new roller coaster on December 31, 2020. Teal Mountain provided a $400,000 down payment and agreed to pay the balance in equal instalments of $260,000 every December 31 for five years. Teal Mountain could have received a loan from the bank for this amount at 9% interest. Teal Mountain prepares financial statements in accordance with IFRS. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. (a) Your answer is correct. Using (1) factor tables, (2) a financial calculator, or (3) Excel function PV, calculate the amount used to record the note payable issued in the exchange. (Hint: Refer to Chapter 3 for tips on calculating.) (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answer to 0 decimal places, e.g. 5,275.) $ 1011309 Amount used to record the note payable e Textbook and Media List of Accounts Prepare the journal entries that would be recorded for the purchase and for the payments and interest on December 31, 2020, 2021 2022, 2023, 2024 and 2025. (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 Ofor the amounts.) Date Account Titles and Explanation Debit Credit 12/31/20 12/31/21 12/31/2 12/31/22 12/31/23 12/31/23 12/31/24 12/31/23 12/31/24 12/31/25