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What amount should be reported as note receivable

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On December 31. 2020. Elisha Company sold a machine in exchange for a noninterest¬bearing note requiring ten annual payments of 400.000. The first payment was made on December 31. 2020. The market interest rate for similar notes at date of issuance was 8%.

Period             Present value of 1 at 8%           Present value of ordinary annuity of 1 at 8%
                                                                            0
9                                    0.50                                 6.25
10                                  0.46                                    6.71

problem 1: On December 31. 2020, what amount should be reported as note receivable?

Reference no: EM132782691

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