Exercise $5-8($Static$)$ Noninterest$-$bearing note; single payment $[$LO$5-5]$ Exercise $5-7($Algo$)$ Solving for unknowns; single amounts $[$LO$5-4]$

For each of the following situations involving single amounts, solve for the unknown. Assume that interest is compounded annually. $(i=$

interest rate, and $n=$ number of years$)$

Note: Use tables, Excel, or a financial calculator. Round your final answers to nearest whole dollar amount. $($FV of $$1,PV$ of $$1,FV$

of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

Answer is complete but not entirely correct. Exercise $5-4($Algo$)$ Present value; single amounts $[$LO$5-3]$

$2\mathrm{.}5$ Determine the present value of the following single amounts.

polnts Note: Use tables, Excel, or a financial calculator. Round your final answers to nearest whole dollar amount. $($FV of $$1,$ PV of $$1,$ FVA

of $$1,PV{A}_{?}$ of $$1,FVA{D}_{?}$ of $$1$ and $PVA{D}_{?}$ of $$1)$

Answer is complete but not entirely correct.

$2\mathrm{.}5$ The Field Detergent Company sold merchandise to a customer on June $30,2024.$ Payment was made in the form of a noninterest$-$

bearing note requiring the customer to pay $$85,000$ on June $30,2026.$ Assume that a $10\%$ interest rate properly reflects the time

value of money in this situation.

Required:

Calculate the amount at which Field should record the note receivable and corresponding sales revenue on June $30,2024.$

Note: 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)$

Answer is not complete.