Porter Corporation NOTE: the Following Multiple Choice Questions Require Present

Multiple Choice

Porter Corporation NOTE: The following multiple choice questions require present value information.
On January 1,2012,Porter Corporation signed a five-year noncancelable lease for certain machinery.The terms of the lease called for:
At January 1,2012,Porter should record an asset and liability with respect to the equipment lease equal to

A) $258,726
B) $239,562
C) $275,000
D) $0