Barry Limited and Allen Limited Enter into a Finance Lease

Barry Limited and Allen Limited enter into a finance lease agreement with the following terms:
-lease term is 4 years
-estimated economic life of the leased asset is 5 years
-4 × annual rental payments of $15 000 each payable in advance
-residual value at the end of the lease term is not guaranteed by the lessee
-interest rate implicit in the lease is 8%.
On inception date, the present value of the lease payments is:

A) $53 656.
B) $38 656.
C) $49 682.
D) $60 000.