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On January 1,2024, The Barrel Company purchased merchandise from a supplier. Payment was a noninterest-bearing...

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Accounting

On January 1,2024, The Barrel Company purchased merchandise from a supplier. Payment was a noninterest-bearing note requiring five annual payments of $24,000 on each December 31 beginning on December 31,2024, and a lump-sum payment of $140,000 on December 31,2028. A 9% interest rate properly reflects the time value of money in this situation.
Required:
Calculate the amount at which Barrel should record the note payable and corresponding merchandise purchased on January 1,2024.
Note: Round your final answers to nearest whole dollar amount. Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)
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