The company completed construction of a new plant in Saskatchewan on December $15,$

$2023,$ to help it better meet the needs of its customers west of Ontario. The costs

associated with this construction project were as follows:

$$ Land $ $500,000$

$$ Construction contract:

building, $20$ years of useful life, residual value of $$50,0001,500,000$

$$ Equipment. $($See below$)$

$$ Furniture $250,000$

$$ Training costs $($employees learning to use equipment$)45,000$

$$ Avoidable interest calculated at $8\%$ on financing of construction

project from inception until put in use $75,000$

The equipment purchased for the new plant was bought on a deferred payment contract

signed on December $1.$ FFI issued a $$5-$million, five$-$year, non$$interest$-$bearing note

payable to the equipment supplier at a time when the annual market rate of interest was

$6\%.$ The note will be repaid with five equal payments made on December $1$ of each year,

beginning in $2024.$ Show calculations using the Excel function PV$.$ Round final amounts to

the nearest dollar.