On January 1, 2020, the Agora Company purchased a machine by agreeing to pay $13,000 at the end of each of the next four years, with the first payment made on December 31, 2020. Assume a compound interest rate of 12%.

Period	Present Value of $1 at 12%	Present Value of $1 Annuity at 12%
1	0.89	0.89
2	0.80	1.69
3	0.71	2.40
4	0.64	3.04

On January 1, 2020, this machine should be recorded at a cost of: Round all numbers to the nearest dollar.

A) $52,000

B) $39,520

C) $58,240

D) $0