Universal, Inc. accepts a $$2,400,000$ note on January $1$ issued by Rota

Corporation. Specifically, Rota will issue a non$-$interest$-$bearing note with $$2,400,000$

due in $10$ years in exchange for cash. The current market rate is $8\%.$ Interest is

compounded annually. Universal is a calendar$-$year firm that prepares financial

statements annually.

At what amount will Universal report the notes receivable on January $1?($If using

present and future value tables or the formula method, use factor amounts rounded to

five decimal places, X$.$XXXXX$.$ Round your final answer to the nearest dollar.$)$

E$)($Click the icon to

$($Click the icon to view the Future Value of $$1$ table.$)$

view the Present

Value of $$1$ table.$)$

$)($Click the icon to

view the Present