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MaC Ltd acquires a machine on a lease with the following details: Cost of leased asset 14,000 Lease term 4 years Annual rent payable in

MaC Ltd acquires a machine on a lease with the following details: Cost of leased asset 14,000 Lease term 4 years Annual rent payable in advance 4,000 each Residual Value foil Expected economic life of asset 5 years Inception date 1 January 2015 Financial year end 31 December b) Calculate the interest rate implicit in the lease

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