WVA Mining Company has leased a machine from Franklin Machinery Company. The annual payments are $6,000, and the life of the lease is 8 years. It is estimated that the useful life of the machine is 9 years. How would WVA Mining record the acquisition of the machine?

a. The machine would be recorded as an asset with a cost of $48,000.

b. The company would not record the machine as an asset but would record rent expense of $6,000 per year.

c. The machine would be recorded as an asset, at the present value of the annual cash payments, $6,000 for eight years.

d. The machine would be recorded as an asset, at the present value of the annual cash payments, $6,000 for nine years.