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On June 30, 2023, Sharma Corp. sold equipment for its fair value of $300,000. The equipment had a book value of $500,000 and a remaining
On June 30, 2023, Sharma Corp. sold equipment for its fair value of $300,000. The equipment had a book value of $500,000 and a remaining useful life of 10 years. The same day, Sharma leased back the equipment at $6,000 per month for 5 years with no option to renew the lease or repurchase the equipment. Sharma's equipment rent expense for this equipment for the year ended December 31, 2023, should be A) $72,000. B) $36,000. OC) $30,000. OD) $24,000. 
On June 30,2023 , Sharma Corp. sold equipment for its fair value of $300,000. The equipment had a book value of $500,000 and a remaining useful life of 10 years. The same day, Sharma leased back the equipment at $6,000 per month for 5 years with no option to renew the lease or repurchase the equipment. Sharma's equipment rent expense for this equipment for the year ended December 31,2023 , should be A) $72,000. B) $36,000. C) $30,000. D) $24,000
On June 30, 2023, Sharma Corp. sold equipment for its fair value of $300,000. The equipment had a book value of $500,000 and a remaining useful life of 10 years. The same day, Sharma leased back the equipment at $6,000 per month for 5 years with no option to renew the lease or repurchase the equipment. Sharma's equipment rent expense for this equipment for the year ended December 31, 2023, should be A) $72,000. B) $36,000. OC) $30,000. OD) $24,000.
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