5.Acity government has a nine-year capital lease for property being used within the General Fund. The lease was signed on January 1,2008. Minimum lease payments total $90,000 starting at the end of the first year but have a current present value of $69,000. Annual payments are $ 10,000, and the interest rate being applied is 10 percent. What liability is reported on the fund-based financial state¬ ments as of December 31, 2008, after the first payment has been made?

a. $-0-.

b. $59,000.

c. $65,900.

d. $80,000.