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On June 30,2024 , Blue, Incorporated leased a machine from Big Leasing Corporation. The lease agreernent qualifies as a finance lease and calls for Blue

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On June 30,2024 , Blue, Incorporated leased a machine from Big Leasing Corporation. The lease agreernent qualifies as a finance lease and calls for Blue to make semlannual lease payments of $180,194 over a five-year lease term, payable each June 30 and December 31 , with the first payment on June 30,2024 . Blue's incremental borrowing rate is 8%, the same rate Big uses to calculate lease payment amounts. The lease agreement qualifies as a finance lease. Amortization is recorded on a straight-line basis at the end of each year: Note: Use tobles, Excel, or a financial calculator. (EV of S1. PV of S1. EVA of S1. PVA of S1, EVAD of \$1 and PVAD of S1) Required: 1. Determine the present value of the lease payments on June 30,2024, that Blue uses to record the right-of-use asset and lease liability. 2. What would be the amounts related to the lease that Blue would report in its balance sheet at December 31,2024 ? (Ignore taxes.) 3. What would be the amounts related to the lease that Blue would report in its income statement for the year ended December 31 . 2024? (lgnore taxes.) Note: For all requirements, round your intermediate ond final answers to the nearest whole dollor amounts. On June 30,2024 , Blue, Incorporated leased a machine from Big Leasing Corporation. The lease agreernent qualifies as a finance lease and calls for Blue to make semlannual lease payments of $180,194 over a five-year lease term, payable each June 30 and December 31 , with the first payment on June 30,2024 . Blue's incremental borrowing rate is 8%, the same rate Big uses to calculate lease payment amounts. The lease agreement qualifies as a finance lease. Amortization is recorded on a straight-line basis at the end of each year: Note: Use tobles, Excel, or a financial calculator. (EV of S1. PV of S1. EVA of S1. PVA of S1, EVAD of \$1 and PVAD of S1) Required: 1. Determine the present value of the lease payments on June 30,2024, that Blue uses to record the right-of-use asset and lease liability. 2. What would be the amounts related to the lease that Blue would report in its balance sheet at December 31,2024 ? (Ignore taxes.) 3. What would be the amounts related to the lease that Blue would report in its income statement for the year ended December 31 . 2024? (lgnore taxes.) Note: For all requirements, round your intermediate ond final answers to the nearest whole dollor amounts

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