On January 31, 2020, Manning Company acquired a new machine by paying $40,000 cash and agreeing to pay $20,000 annually for four years, beginning on January 31, 2021. Assuming an interest rate of 10%, Manning should record the acquisition cost of the machine on January 31, 2020, at a.$120,000. b.$109,737. c.$103,397. d.$102,092

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