View Policies Show Attempt History Current Attempt in Progress On January 1, Windsor Corporation issues a $180,000, 10-year non-interest-bearing note to Camden Production for new machinery. The market interest rate is 10% and Camden is to pay $18,000 instalments at the end of each year. Fair value for a purchase of the new machinery in cash is not available from the supplier at this time. Click here to view the factor table PRE ENT VA E OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. Your answer is correct. Calculate the purchase price using any of the three methods (tables, financial calculator, or Excel). (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to O decimal places, e.g. 5,275.) $ 110602 Purchase price Prepare the journal entry to record the machinery purchase. (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 O for the amounts. Round present value factor calculations to 5 decimal places, eg. 1.25124 and the final answer to 0 decimal places e.g. 58,971.) Date Account Titles and Explanation Debit Credit January 1 Machinery 69390 Notes Payable 69390 e Textbook and Media Assistance Used List of Accounts Assistance Used Date Account Titles and Explanation Debit Credit December 31 Notes Payable 9954 Interest Expense 8046 Cash 18000 e Textbook and Media