A firm acquired used equipment on January 1st, 2014, by issuing a note calling for four equal payments to be made each December 31 starting in 2014. The note's principal value equals the negotiated price of $40,000, and the interest rate implied in the note is consistent with the market rate of interest for this level of risk (8%). What is the amount to be recorded for the equipment? Select one: O a. More than $40,000 O b. Less than $40,000 O c. $40,000 O d. Insufficient information