On December 30, Year 1, Bart, Inc. purchased a machine from Fell Corp. in exchange for a noninterest bearing note requiring eight payments of $20,000. The first payment was made on December 30, Year 1, and the others are due annually on December 30. At date of issuance, the prevailing rate of interest for this type of note was 11%. Present value factors are as follows:
Period The present value of an ordinary annuity of 1 at 11% The present value of the annuity in advance of 1 at 11%
7 4.712 5.231
8 5.146 5.712
On Bart's December 31, 2005 balance sheet, the note payable to Fell was:
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