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On January 1, 2013, Johnstone leased an office building. Terms of the lease require Johnstone to make 20 annual lease payments of $120,000 beginning on

On January 1, 2013, Johnstone leased an office building. Terms of the lease require Johnstone to make 20 annual lease payments of $120,000 beginning on January 1, 2013. A 10% interest rate is implicit in the lease agreement. At what amount should Johnstone record the lease liability on January 1, 2013,before any lease payments are made?

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