Use the following 11% interest factors.

	Present Value of Ordinary Annuity	Future Value of Ordinary Annuity
7 periods	4.71220	9.78327
8 periods	5.14612	11.85943
9 periods	5.53705	14.16397

What amount should be recorded as the cost of a machine purchased December 31, 2020, which is to be financed by making 8 annual payments of $ 21000 each beginning December 31, 2021? The applicable interest rate is 11%.

$ 147000

$ 108069

$ 116278

$ 249048