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  3. 3. rae company purchased a new vehicle by paying $

3. Rae Company purchased a new vehicle by paying $10,400 cash on the purchase date...

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Accounting

3. Rae Company purchased a new vehicle by paying $10,400 cash on the purchase date and agreed to pay $3,400 every three months during the next five years. The first payment is due three months after the purchase date. Rae's incremental borrowing rate is 12%. The liability reported on the balance sheet as of the purchase date, after the initial $10,400 payment was made, is closest to:

A. 78,400

B. 68,000

C. 60,983

D. 50,583

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