Use the Following 8% Interest Factors for Questions 102 Through

Multiple Choice

Use the following 8% interest factors for questions 102 through 105.
-What amount should be recorded as the cost of a machine purchased December 31, 2014, which is to be financed by making 8 annual payments of $9,000 each beginning December 31, 2015? The applicable interest rate is 8%.

A) $63,000
B) $56,222
C) $95,730
D) $51,719