Short Company purchased land by paying $28,000 cash on the purchase date and agreed to pay $28,000 for each of the next eight years beginning one-year from the purchase date. Short's incremental borrowing rate is 8%. The land reported on the balance sheet 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 $252,000. $188,906. $121,020. O $224,000. $224,000