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ABC Company leases a computer for 4 years for $1,200 per year. The present value of the payments is $4,200, based on a monthly interest

ABC Company leases a computer for 4 years for $1,200 per year. The present value of the payments is $4,200, based on a monthly interest rate of .003.

How much should ABC record as lease expense in the first month? Show and label all computations. Round to dollars and cents.

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