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Use the following 8% interest factors. Present Value of Ordinary Annuity Future Value of Ordinary Annuity 7 periods 5.20637 8.92280 8 periods 5.74664 10.63663 9

Use the following 8% interest factors.

Present Value of Ordinary Annuity

Future Value of Ordinary Annuity

7 periods

5.20637

8.92280

8 periods

5.74664

10.63663

9 periods

6.24689

12.48756

What amount should be recorded as the cost of a machine purchased December 31, 2017, which is to be financed by making 8 annual payments of $24100 each beginning December 31, 2018? The applicable interest rate is 8%.

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