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Business, 21.04.2020 00:58 245cat

On January 1, Snipes Construction paid for earth-moving equipment by issuing a $320,000, 3-year note that specified 4% interest to be paid on December 31 of each year. The equipment’s retail cash price was unknown, but it was determined that a reasonable interest rate was 7%. (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.)

what amount should Snipes record the equipment and the note?

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On January 1, Snipes Construction paid for earth-moving equipment by issuing a $320,000, 3-year note...
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