The tractor should be recorded on december 31 2017 at what, Accounting Basics

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The tractor should be recorded on december 31 2017 at what

Problem

Sunland Corporation purchased a special tractor on December 31, 2017. The purchase agreement stipulated that Sunland should pay $19,360 at the time of purchase and $5,450 at the end of each of the next 7 years. The tractor should be recorded on December 31, 2017, at what amount, assuming an appropriate interest rate of 13%?

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Accounting Basics: The tractor should be recorded on december 31 2017 at what

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