Question: On July 1 , 2 0 2 4 , a company acquired equipment. The company paid $ 1 6 0 , 0 0 0 in

On July 1,2024, a company acquired equipment. The company paid $160,000 in cash on July 1,2024, and signed a $640,000 noninterest-bearing note for the remaining balance which is due on July 1,2025. An interest rate of 5% reflects the time value of money for this type of loan agreement. (PV of $1, PVA of $1)
For what amount will the company record the purchase of equipment?
Group of answer choices
$761,905
$769,523
$609,523
$800,000

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