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On January 1, 2018, Bently works leased a piece of machinery from Gomez Bank. The lease is a(n) 17 year, non cancellable lease that requires

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On January 1, 2018, Bently works leased a piece of machinery from Gomez Bank. The lease is a(n) 17 year, non cancellable lease that requires annual lease payments of $18,000 due at the beginning of each year. The lease has been determined to be a sales-type capital lease because at least one of the classification criteria has been met. Gomez Bank needs to determine the present value of the inception of the lease. Gomez desires/uses an implicit rate of 10% when pricing leases. Complete the following from the perspective of Gomez Bank. Which of the following in wie wiatement ter s pacted in this transaction The problem solving for The calculation involves Table Method X X Date of Delivery Debit Accounts Credit To record the inception of the lease To record the first payment (1) Read the scenario and answer the three questions. (2) Fill in the table with the correct formula, find and enter the factor from the correct table to be used in the formula, then calculate the value the problem is solving for. Factor should be entered including four decimal places. All dollar amounts should be rounded to the nearest whole dollar. (3) Fill out the journal entries

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