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Current Attempt in Progress On December 31, 2019, Kingbird Corporation signed a 6-year, non-cancelable lease for a machine. The terms of the lease called

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Current Attempt in Progress On December 31, 2019, Kingbird Corporation signed a 6-year, non-cancelable lease for a machine. The terms of the lease called for Kingbird to make annual payments of $12,415 at the beginning of each year, starting December 31, 2019. The machine has an estimated useful life of 8 years and a $6,000 unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term. Kingbird uses the straight-line method of depreciation for all of its plant assets. Kingbird's incremental borrowing rate is 8%, and the lessor's implicit rate is unknown. Click here to view factor tables

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