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On 4 / 1 / 2 0 , EnterpriseCorporation signed a 6 - year noncancelable lease for an equipment. The terms of the lease called

On 4/1/20, EnterpriseCorporation signed a 6- year noncancelable lease for an equipment. The terms of the lease called for Enterprise to make annual payments of $ 9,383.51 at the beginning of each year, starting 4/1/20. The equipment has an estimated useful life of 7 years and a fair value at the inception the lease of $50,000. The eqipment reverts to the lessor at the end of the lease term. Enterprise uses the straight - line method of amortization for all its leased plant assets. Enterprise incremental borrowing rate is 8%, the same as the lease's implicit rate. The estimated residual value of the leased asset is $5k. There is no guaranteed residual value
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Prepare an amortization table for the lease arrangement.

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