19. On January 31, 2020, Manning Company acquired a new machine by paying $40,000 cash as a down payment, and agreeing to pay $20,000 annually for future four years, beginning on January 31,2021 . Assuming an interest rate of 10%. Manning should record the acquisition cost of the machine on January 31,2020 , at a. $120,000 b. $109,737 c. $103,397 d. $102,092