Question: Studying and just need help with an explanation on this! Exercise 5-11 (Static) Deferred annuities (LO5-8] Lincoln Company purchased merchandise from Grandville Corp. on September

Studying and just need help with an explanation on this!

Exercise 5-11 (Static) Deferred annuities (LO5-8] Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2021. Payment was made in the form of a noninterest-bearing note requiring Lincoln to make six annual payments of $5,000 on each September 30, beginning on September 30, 2024. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided. Round your final answers to nearest whole dollar amount.) Required: Calculate the amount at which Lincoln should record the note payable and corresponding purchases on September 30, 2021, assuming that an interest rate of 10% properly reflects the time value of money in this situation. Amount recorded

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