Cathy Company purchased a machine on January 1, 2021. Cathy signed a note which required a $25,000 cash payment immediately (on 1/1/2021), and 10,000 at the end of every year for the next four years (on 12/31/2021; 12/31/2022; 12/31/2023; and 12/31/2024). Assume a compound interest rate of 12%. Period Present Value of $1 at 12% Present Value of $1 Annuity at 12% 1 0.89 2 0.80 3 0.71 4 0.64 0.89 1.69 2.40 3.04 On January 1, 2021, this machine should be recorded at a cost of: $65,000 $55,400 $25,000 O $31,400 $80,400