What amount should be recorded as the cost of a machine purchased December 31, 2014, which is

Question:

What amount should be recorded as the cost of a machine purchased December 31, 2014, which is to be financed by making 8 annual payments of $9,000 each beginning December 31, 2015? The applicable interest rate is 8%.
a. $63,000
b. $56,222
c. $95,730
d. $51,719