Use the following information to answer the next 2 questions: On January 1, 2021, a company purchased equipment at a contract price of $56,000. The company made a cash down payment of $6,000 and signed a 3 -year, 6% non-interest-bearing note for the balance. Interest is compounded annually. At what amount should the office equipment be recorded? $42,000 $50,000$47,040 $48,000 $56,116