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On January 1, Pronghorn Corporation issues a $180,000,10-year non-interest-bearing note to Camden Production for new...

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Accounting

On January 1, Pronghorn Corporation issues a $180,000,10-year non-interest-bearing note to Camden Production for new machinery. The market interest rate is 9 and Camden is to pay $18,000 as an instalments at the end of each year for purchase of the new machinery in cash is not available from the supplier at this time.
Click here to view Table A.4- PRESENT VALUE OF AN ORDINARY ANNUITY OF 1
(a)
Calculate the purchase price using any of the three methods (tables, financial calculator, or Excel).(Round factor values to 5 decimal places, e.g.1.25124 and final answer to 0 decimal places, e.g.5,275.)
Purchase price
$
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