On April 1, 2016, Meyers Company purchased a bulldozer. Payment, totaling $70,000, is not due until April 1, 2018. Assuming interest at a 12% annual rate, Meyers should debit Machinery on April 1, 2016, in the amount of
A. $70,000.
B. $62,500.
C. $61,600.
D. $55,804.
Answer: D
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