Rae Company purchased a new vehicle by paying $11,700 cash on the purchase date and agreed to pay $4,700 every three months during the next five years. The first payment is due three months after the purchase date. Rae's incremental borrowing rate is 12%. The liability reported on the balance sheet as of the purchase date, after the initial $11,700 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 $69,924 $94,000. $81,624 $105,700