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Brief Exercise 9-6 (Algo) Understand balance sheet effect of leases (LO9-3) Suppose a company signs a three-year lease agreement. The lease payments have a present
Brief Exercise 9-6 (Algo) Understand balance sheet effect of leases (LO9-3) Suppose a company signs a three-year lease agreement. The lease payments have a present value of $32,000. Prior to signing the lease, the company had total assets of $530,000, total liabilities of $392,000, and total stockholders equity of $138,000. Calculate the balance of total assets, total liabilities, and total stockholders equity immediately after signing the lease.
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