Alden Trucking Company purchased some trucks from Kenworthy…
Alden Trucking Company purchased some trucks from Kenworthy Co. by issuing an installment note for $37,908,000 on January 1, 2018. The note agreement requires Alden to pay $10 million annually, starting on December 31, 2018 and continuing for a total of four more years (final payment December 31, 2022). Kenworthy charges the market interest rate of 10%. After the first payment was made on December 31, 2018, what was the installment note liability for the trucks on Alden’s books? (Round to the nearest dollar).