Question: Present and future values of $1 at 11% are presented below. On October 1, 2024, Justine Company purchased equipment from Napa Incorporated in exchange for

Present and future values of $1 at 11% are presented below.

Present and future values of $1 at 11% are presented below. On October 1, 2024, Justine Company purchased equipment from Napa Incorporated in exchange for a noninterest-bearing note payable in slx equal annual payments of $540,000, beginning October 1, 2025. Similar borrowings have carried an 11% interest rate. The equipment would be recorded at: Multiple Choice $2,883,600 $2,544,588 $2,284,492

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