On January 1, 2021, The Barrett Company purchased merchandise from a supplier. Payment was a noninterest-bearing note requiring five annual payments of $21,000 on each December 31 beginning on December 31,2021 , and a lump-5um payment of $110,000 on December 31,2025 . An 11\% interest rate properly reflects the time value of money in this situation. Required: Calculate the amount at which Barrett should record the note payable and corresponding merchandise purchased on January 1,2021 .