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What amount should be report as note payable-contest winner

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Problem 1: Terry Co. offered a contest in which the winner would receive $500,000 payable over twenty years. On December 31, 2019, Jason Company announced the winner of the contest and signed a note payable to the winner for $500,000 payable in $25,000 installments every January 31. On December 31, 2019, Terry Co. purchased an annuity for $209,125 to provide the $475,000 prize remaining after the first $25,000 installment which was paid on January 31, 2020. On December 31, 2019, what amount should be reported as note payable-contest winner, net of current portion?

Reference no: EM132672682

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