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Exercise 5-16(Algo) Deferred annuities [LO5-8] President Company purchased merchandise from Captain Corporation on...

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Accounting

Exercise 5-16(Algo) Deferred annuities [LO5-8]
President Company purchased merchandise from Captain Corporation on September 30,2024. Payment was made in
the form of a noninterest-bearing note requiring President to make six annual payments of $4,400 on each September
30, beginning on September 30,2027.
Required:
Calculate the amount at which President should record the note payable and corresponding purchase on September
30,2024, assuming that an interest rate of 9% properly reflects the time value of money in this situation.
Note: Use tables, Excel, or a financial calculator. Round your final answers to nearest whole dollar amount. Round
your intermediate calculations to the nearest whole dollar. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and
PVAD of $1)
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