Find the equipment balance reported on the balance sheet, Accounting Basics

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Find the equipment balance reported on the balance sheet

Problem: A company purchased equipment paying $50,000 cash on the purchase date and agreeing to pay $10,000 every year over the next four years. The first payment is due one year after the purchase date. Abel's borrowing rate is 8%. The equipment balance reported on the balance sheet as of the purchase date is closest to:

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Accounting Basics: Find the equipment balance reported on the balance sheet

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