On January 1, Ellsworth Company completed the following transactions (use a 8% annual interest rate for all transactions): Borrowed $2,000,000 to be repaid in five years. Agreed to pay $150,000 interest each year for the five years. Determine the present value of the debt. Established a plant remodeling fund of $1,000,000 to be available at the end of Year 10. A single sum that will grow to $1,000,000 will be deposited on January 1 of this year. What single amount must the company deposit on January 1 of this year