Libby Company purchased equipment by paying $6,100 cash on the purchase date and agreed to pay $6,100 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 $6,100 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 $48,800 $42.820 O o $54,900. O O $48.920