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  3. 2. (on 12-31-16, austin entered into an agreement

2. (On 12-31-16, Austin entered into an agreement that required Austin to pay a supplier...

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Accounting

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2. (On 12-31-16, Austin entered into an agreement that required Austin to pay a supplier $1,000 every year on 12-31 until 2026. The agreement required Austin to make the first annual payment on 12-31-16. Assume the market rate of interest for Austin is 6%. As of 12-31-16 what was the present value of Austin's obligation

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