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On January 1, 2021, Quiroz Corporation leased farm tractors under a finance-type lease with terms of four equal annual payments of $30,000, beginning January 1,

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On January 1, 2021, Quiroz Corporation leased farm tractors under a finance-type lease with terms of four equal annual payments of $30,000, beginning January 1, 2021, and at January 1 for the remaining years. The interest rate implicit in the lease is 11%. a. What would be recorded as the value of the Right-of-Use Asset? b. What would be the first year's interest expense

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