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Record the journal entry for the first instalment payment on the note on Dec. 31....

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Accounting

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Record the journal entry for the first instalment payment on the note on Dec. 31. (Credit account titles are automatically indented When the amount Is entered, Do not indent manualfy. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. List all debit entries before credit entries. Round present value factor calculations to 5 decimal places, es. 1.25124 and the final answer to 0 decimal places es. 58,971. ) 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. Fair value for a purchase of the new machinery in cash is not available from the supplier at this time. Ciick here to view Table A.4-PRESENT VALUE OF ANORDINARY ANNUITY OF 1 (a) Cakculate the purchase price using any of the three methods (tables, financial calculator, or Excel). (Round factor values to 5 decimal places, es. 1.25124 and final answer to 0 decimal places, es. 5.275

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