Question: Peterson, Inc. purchased a machine under a deferred payment contract on December 31, 20x1. Under the terms of the contract, Peterson is required to make

Peterson, Inc. purchased a machine under a deferred payment contract on December 31, 20x1. Under the terms of the contract, Peterson is required to make eight annual payments of 140,000 each beginning December 31, 20x2. The appropriate interest rate is 8%. The purchase price of the machine is

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