On October 1, 2007, Machinery B was acquired with a down payment of $5,740 and the remainingpayments to be made in 11 annual installments of $6,000 each beginning October 1, 2007. Theprevailing interest rate was 8%. The following data were abstracted from present-value tables(rounded).Present value of $1.00 at 8% Present value of an ordinary annuity of $1.00 at 8%10 years .463 10 years 6.71011 years .429 11 years 7.13915 years .315 15 years 8.559
