On July 1, 2024, a company acquired equipment. The company paid $165,000 in cash on...
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On July 1, 2024, a company acquired equipment. The company paid $165,000 in cash on July 1, 2024, and signed a $645,000 noninterest-bearing note for the remaining balance which is due on July 1, 2025. An interest rate of 6% reflects the time value of money for this type of loan agreement. (PV of $1, PVA of $1) What is the total amount of cash paid for the equipment, including the initial payment and for the note? Multiple Choice $846,892 $848,700 $810,000 $773,491
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