Problem $5-9($Algo$)$ Noninterest$-$bearing note; annuity and lump$-$sum payment $[$LO$5-3,5-8]$

On January $1,2024,$ The Barrel Company purchased merchandise from a supplier. Payment was a noninterest$-$bearing note requiring

five annual payments of $$23,000$ on each December $31$ beginning on December $31,2024,$ and a lump$-$sum payment of $$130,000$ on

December $31,2028.$ A $10\%$ interest rate properly reflects the time value of money in this situation.

Required:

Calculate the amount at which Barrel should record the note payable and corresponding merchandise purchased on January $1,2024.$

Note: Round your final answers to nearest whole dollar amount. 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)$

Problem $5-9($Algo$)$ Noninterest$-$bearing note; annuity and lump$-$sum payment $[$LO$5-3,5-8]$

On January $1,2024,$ The Barrel Company purchased merchandise from a supplier. Payment was a noninterest$-$bearing note requiring

five annual payments of $$23,000$ on each December $31$ beginning on December $31,2024,$ and a lump$-$sum payment of $$130,000$ on

December $31,2028.$ A $10\%$ interest rate properly reflects the time value of money in this situation.

Required:

Calculate the amount at which Barrel should record the note payable and corresponding merchandise purchased on January $1,2024.$

Note: Round your final answers to nearest whole dollar amount. 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)$