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Can you please help me to solve this? On January 1, 2021, Lang Corporation leased a ship from Fort Company for an eight- year period

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On January 1, 2021, Lang Corporation leased a ship from Fort Company for an eight- year period expiring December 30. 2029. Equal annual payments of $500,000 are due on January 1 of each year, beginning with January 1, 2021. The lease is properly classified as a finance lease on Lang '5 books. The present value on January 1, 2021 of the eight lease payments over the lease term discounted at 10% is $2,934,213. Assuming all payments are made on time, the amount that should be reported by Lang Corporation as the interest expense for this lease or 2021 was 0 $293,421. 0 $500,000. 0 $366,777. 0 $243,421. On January 1, 2021, Ogleby Corporation signed a five-year noncancelable lease for equipment. The terms of the lease called for Ogleby to make annual payments of $180,000 at the beginning of each year for five years with title passing to Ogleby at the end of this period. The equipment has an estimated useful life of 7 years and no salvage value. Ogleby uses the straight-line method of depreciation for all of its fixed assets. Ogleby accordingly accounts for this lease transaction as a finance lease. The lease payments were determined to have a present value of $750,578 at an effective interest rate of 10%. With respect to this lease. for 2021 Ogleby should record 0 interest expense of $90,000 and amortization expense of $181,956. 0 rent expense of $180,000. 0 interest expense of $57,058 and amortization expense of $150,116. 0 interest expense of $57,058 and amortization expense of $107,225

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