M9-12 (Algo) Computing Present Values and Recording Long-Term Liabilities LO9-8 Mukilteo Company signed a note for $50,000 to purchase a new piece of equipment. Mukilteo will pay back the $50,000 at the end of two years along with any accrued interest. The annual interest rate on the loan is 7 percent. Required: Note: Use appropriate factor(s) from the tables provided. 1. Compute the present value of this long-term liability. (FV of $1. PV of $1, EVA of $1, and PVA of $1) 2. Prepare the journal entry Mukilteo will record on the day it purchases the piece of equipment and signs the note. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the present value of this long-term liability Present value Required 2> Check my wo