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On January 1, 2014, XYZ Company leased a building to Silver Trading Inc. The lease arrangement is for 10 years. The leased building cost $4,000,000
On January 1, 2014, XYZ Company leased a building to Silver Trading Inc. The lease arrangement is for 10 years. The leased building cost $4,000,000 and was purchased for cash on January 1, 2014. The building is depreciated on a straight-line basis. Its estimated economic life is 40 years with no salvage value. Lease payments are $250,000 per year and are made at the beginning of the year. Silver
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