You are given the following information: Determine: (a) the interest rate implicit in the lease; (b) the

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You are given the following information: 

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Determine: 

(a) the interest rate implicit in the lease; 

(b) the finance charge to be allocated in each accounting period using the actuarial method; 

(c) the effect on the lessee’s balance sheet and income statement of this lease transaction.

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