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Gross Profit:A lessor enters into a 6-year capital lease requiring annual payments of $160,000. The residual value is$130,164 and is not guaranteed. The leased item

Gross Profit:A lessor enters into a 6-year capital lease requiring annual payments of $160,000. The residual value is$130,164 and is not guaranteed. The leased item has a fair value of $840,000and a cost of $720,000. The lessors implicit rate is 10%. Calculate the sales revenue, cost of goods sold and gross profit at lease inception. please show work.

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