Libby Company purchased equipment by paying $5,200 cash on the purchase date and agreed to pay $5,200 every six months during the next four years. The first payment is due six months after the purchase date. Libby's incremental borrowing rate is 6%. The liability reported on the balance sheet as of the purchase date, after the initial $5,200 payment was made, is closest to: (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use appropriate factor(s) from the tables provided.) Multiple Choice $41,702 $36,502 $41.600. $46,800