Present and future value tables of $1 at 11% are presented below.

n	PV of $1		FV of $1		PVA of $1		FVA of $1
1	0.90090		1.11000		0.90090		1.0000
2	0.81162		1.23210		1.71252		2.1100
3	0.73119		1.36763		2.44371		3.3421
4	0.65873		1.51807		3.10245		4.7097
5	0.59345		1.68506		3.69590		6.2278
6	0.53464		1.87041		4.23054		7.9129

Lorien, Inc. leased tree excavators under terms of $10,000 down and four equal annual payments of $30,000 on the anniversary date of the lease. The interest rate implicit in the lease is 11%. For what amount would Lorien initially record the asset and lease liability?

• $130,000

• $103,074

• $113,311

• $93,074