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Culver Equipment Leasing Company leased equipment to Oriole Healthcare System on January 1 , 2 0 2 5 , for a four - year period.

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Culver Equipment Leasing Company leased equipment to Oriole Healthcare System on January 1,2025, for a four-year period. Equal annual payments under the lease are $570000 and are due on January 1 of each year. The first payment was made on January 1,2025. The implicit rate of interest contemplated by Culver Equipment Leasing and known to Oriole Healthcare is 8%. Oriole's incremental borrowing rate is 11%. The cost of the equipment on Culver Equipment Leasing accounting records was $690000. Assuming that the lease is appropriately recorded as an operating lease, on January 1 of each year when the payment is received and recorded by Culver Equipment Leasing Company as a debit to Cash, there would also be a:
\table[[,PV Annuity Due,PV Ordinary Annuity,PV Single Sum],[8%,4 periods,3.57710,3.31213,0.73503],[11%,4 periods,3.44371,3.10245,0.65873]]
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