Rusty Corporation purchased a rust-inhibiting machine by paying $59,000 cash on the purchase date and agreed to pay $11,800 every three months during the next two years. The first payment is due three months after the purchase date. Rusty's incremental borrowing rate is 8%. The liability reported on the balance sheet as of the purchase date, after the initial $59,000 payment was made, is closest to:
a. $123,255.
b. $130,000.
c. $80,000.
d. $93,255.
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