[Solved] Neely BBQ leased equipment from Smoke Ind

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Neely BBQ leased equipment from Smoke Industries on January 1, 2013. Smoke Industries had manufactured the equipment at a cost of $810,000. Both companies employ

Neely BBQ leased equipment from Smoke Industries on January 1, 2013. Smoke Industries had manufactured the equipment at a cost of $810,000. Both companies employ the lease ASU

Other info.

Lease term, 4 years.

Annual payments are $360,000 beginning jan 1 2016 and at december 31, 2016, 2017 and 2018.

Life of asset : 4 years

rate the lessor charges: 8%

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