(Answered) Problemsandstone corporation brought a new machine and

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Sandstone Corporation brought a new machine and agreed to pay for it in equal annual installments of $4,000 at the end of each of the next 10 years. Assume an 11% market rate of interest applies to this contract, how much was recorded as the cost of the machine?

11% Interest Table Factors

Period	Present Value of $1 (Table 6-2)	Present Value of an Ordinary Annuity of $1 (Table 6-4)
6	.53464	4.23054
7	.48166	4.71220
8	.43393	5.14612
9	.39092	5.53705
10	.35218	5.88923

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