(Answered) Short company purchased land by paying 28000 cash on the

Accounting

Short Company purchased land by paying $28,000 cash on the purchase date and agreed to pay $28,000 for each of the next eight years beginning one-year from the purchase date. Short's incremental borrowing rate is 8%. On the balance sheet as of the purchase date, after the initial $28,000 payment was made, the liability reported is closest to: (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use appropriate factor(s) from the tables provided.)

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