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A lease was signed on January 1,2010 for a period of 4 years. The fair value of equipment was Rs.400,000. Rentals are payable in advance.

A lease was signed on January 1,2010 for a period of 4 years. The fair value of equipment was Rs.400,000. Rentals are payable in advance. Implicit rate of lessor is 9%. Required: 1- Annual Rental Payments 2- Gross Investment in lease 3- Unearned finance Income 4- Lease Amortization Schedule

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