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LL, Inc. signed an agreement on January 1, 2023 for leased equipment under a 3-year lease with payments of $10,000 on January 1, 2023, 2024,
LL, Inc. signed an agreement on January 1, 2023 for leased equipment under a 3-year lease with payments of $10,000 on January 1, 2023, 2024, and 2025. The present value of the lease payments at a discount rate of 7% is $26,240. She uses straight-line depreciation with no salvage value. The lease is considered a Finance lease. Round your answers to the nearest dollar, and do NOT enter dollar signs or punctuation. For example, enter $5,500 as 5500. Calculate depreciation expense for 2023. Calculate interest expense for 2023
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