(Answered) Question - on january 1 2011 the barrett company purchased

Accounting

Question - On January 1, 2011, The Barrett Company purchased merchandise from a supplier. Payment was a noninterest-bearing note requiring five annual payments of $25,000 on each December 31 beginning on December 31, 2011, and a lump-sum payment of $80,000 on December 31, 2015. A 10% interest rate properly reflects the time value of money in this situation.

Required: Calculate the amount at which Barrett should record the note payable and corresponding merchandise purchased on January 1, 2011.

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