Bruins Co. acquired a machine on June 30, 20x1 and gave the seller a $20,000 cash down payment and a two year, $100,000, non-interest bearing note calling for four payments of P&I in the amount of $25,000 each. The payments are to be made semi-annually with the first payment beginning on December 31, 20x1. The prevailing rate of interest was 12% APR. 3% 6% 12% Present Value of Ordinary Annuity of $1 for 4 periods 3.72 3.47 3.04 Present Value of Ordinary Annuity of $1 for 8 periods 7.02 6.21 4.97 Bruins uses the straight-line method to depreciate its equipment with a 5-year life and no salvage. Determine the Book Value of the Equipment as of December 31, 20x1: $_ O $90,000 O $108,000 $96,075 O $85,400