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Acme Auto Repair entered into an agreement to lease equipment from Cromley Motor Products on July 1,2022 , The lease calls for five equal annual
Acme Auto Repair entered into an agreement to lease equipment from Cromley Motor Products on July 1,2022 , The lease calls for five equal annual payments of $590,000, beginning July 1, 2023. Similar transactions have carrled an 8% interest rate. At what amount would Acme would record the right-of-use asset? (EV of $1. PV of $1, EVA of $1, PVA of $1. EVAD of $1 and PVAD of $1 ) (Use appropriate factor(s) from the tables provided.) Multiple Choice $0. $2,544,157 $2,950,000. $2,355,699
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