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What amount should the purchase price of the machine be

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Question 1: On December 31, 2020, Cudi Company purchased a machine under a deferred payment contract where it is required to make 8 annual payments of $140,000 beginning December 31, 2021. If the interest rate is 8%, what amount should the purchase price of the machine be?

Option 1: $1,389,190

Option 2: $1,120,000

Option 3: $868,900

Option 4: $804,530

Reference no: EM132867145

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