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What amount should be recorded as the cost of a machine

Question - Use the following 8% interest factors.

Present Value of Future Value of

Ordinary Annuity Ordinary Annuity

7 periods 5.2064 8.92280

8 periods 5.7466 10.63663

9 periods 6.2469 12.48756

What amount should be recorded as the cost of a machine purchased December 31, 2012, which is to be financed by making 8 annual payments of $8,000 each beginning December 31, 2013? The applicable interest rate is 8%.

A) $85,093

B) $56,000

C) $49,975

D) $45,973

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