On July 1, 2015, Flashlight Corporation sold equipment it had recently purchased to an unaffiliated company for $480,000. The equipment had a book value on Flashlight's books of $390,000 and a remaining life of six years. On that same day, Flashlight leased back the equipment at $95,000 per year, payable in advance, for a six-year period. Flashlight's incremental borrowing rate is 11%, and it does not know the lessor's implicit interest rate. What entries are required for Flashlight to record the transactions involving the equipment during the first full year, assuming the second lease payment is made on June 30, 2016? Ignore consideration of the lessee's fiscal year. The lessee uses the double-declining-balance method of depreciation for similar assets it owns outright.

Check figure: PV = $446,111

I am having problems getting the check value please explain by using a function in excel.