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) 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.) $ Amount used to record the note payable e Textbook and Media List of Accounts