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On January 1, 2019, ABC Company leased office furniture from Floo r Company The terms of the lease require annual payments of $25,000 for 20

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On January 1, 2019, ABC Company leased office furniture from Floo r Company The terms of the lease require annual payments of $25,000 for 20 years with the first payment being due on December 31, 2019. The interest ra te on the lease is 10%, and the lease qualifies as a capital lease. ABC C ompany uses the double-declining balance method to depreciate its assets. Calculate the amount of the lease liability at December 31, 2019 that would be classified as a long-term liability. You will need to use the time value of money table factor s posted in carmen to answer this question. To access these factors, click m odules and then scroll to week 12. Click on the link labeled present & fu ture value table factors. No credit will be awarded for this question usin g a means other than these table factors to answer this

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