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DesRosier Company acquires a machine on 1 January 20x6, with a non-interest-bearing note that requires...

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DesRosier Company acquires a machine on 1 January 20x6, with a non-interest-bearing note that requires $16,000 to be paid on 31 December 20x6 and again on 31 December 2 X7. The note has no explicit interest, but the prevaling interest rate is 4% on abilities o s milar risk and duration. The cash equivalent cost of the machine is unknown. (PV of S1. PVA of S1, and PVAD of $1.) (Use appropriate factor(s) from the tables provided.) Required: Provide thejournal entry to record the machine on 1 January 20X6. Use the net method to record the note payable. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round time value factor to 5 decimal places and final answer to the nearest whole dollar amount.) View transaction list Journal entry worksheet Record the purchase of equipment. Note: Enter debits before credits Date General Journal DebitCredit 1 Jan 20X6

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