Business, 23.09.2019 22:10 uhhgray

On january 1, snipes construction paid for earth-moving equipment by issuing a $500,000, 4-year note that specified 4% interest to be paid on december 31 of each year. the equipment’s retail cash price was unknown, but it was determined that a reasonable interest rate was 7%. (fv of $1, pv of $1, fva of $1, pva of $1, fvad of $1 and pvad of $1) (use appropriate factor(s) from the tables provided.) at what amount should snipes record the equipment and the note? what journal entry should it record for the transaction?

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On january 1, snipes construction paid for earth-moving equipment by issuing a $500,000, 4-year note...

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