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24 Company A leases equipment from Company B. Lease payments of $4,659 are due quarterly over a 8 year period, with the first payment due
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Company A leases equipment from Company B. Lease payments of $4,659 are due quarterly over a 8 year period, with the first payment due July 1, the beginning of the lease. The annual interest rate is 4%. What would be the amount of interest expense the lessee would record in conjunction with the second quarterly payment on October 1? What is the outstanding balance in the Lease Payable account after the second payment? What is the outstanding balance in the Right-of-Use asset account after the second payment? Round to the nearest whole dollar. (Format $XX,XXX)Step by Step Solution
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