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East Company leased a new machine from North Company on May 1, 2021, under a lease with the following information: Lease term Annual rental payable

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East Company leased a new machine from North Company on May 1, 2021, under a lease with the following information: Lease term Annual rental payable at begining of each lease year Usefule life of machine Incremental interest rate Implicit interest rate Required: present value of annuity $40,000 for 10 periods at 15% rate

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