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On June 30, 2016, the Big Three Company purchased equipment from Randall Corp. Big Three agreed to pay Randall $12,000 on the purchase date and

On June 30, 2016, the Big Three Company purchased equipment from Randall Corp. Big Three agreed to pay Randall $12,000 on the purchase date and the balance in five annual installments of $14,739 on each June 30 beginning June 30, 2017. Assuming that an interest rate of 8% properly reflects the time value of money in this situation, at what amount should Big Three value the equipment?

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