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on january 1 2017 xyz company signed and 8 years lease agreement for equipment annual payments are dollar 28500 to be made at the beginning

on january 1 2017 xyz company signed and 8 years lease agreement for equipment annual payments are dollar 28500 to be made at the beginning of each year at the end of the least the equipment will revert to the lesser the equipment has a useful life of 8 years and has no residual value at the time of the lease agreement the equipment has a fair value of dollar 166000 and interest rate of 10.5% and straight line depreciation are used

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