sabonis consmetics co. purchased machinery on december 31,2011, paying $50,000 down and agreeing to pay the balance in four equal installments of $40,000 payable each dec 31. an assumed interest of 8% is implicit in the purchase price.
A) dec 31,21011
B)dec 31,2012
c)dec 31,2013
d)dec31,2014
e)dec 31,2015