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Question 1. Bush Co leases a train over a 3-year term commencing on 1 June 20X5. The discounted present value of the future lease payments

Question 1. Bush Co leases a train over a 3-year term commencing on 1 June 20X5. The discounted present value of the future lease payments is $64,427. The interest rate implicit in the lease is 8% and lease payments of $25,000 are required annually in arrears. What is the carrying amount of the lease liability at 31 May X7?

$18,988

$42,581

$44,581

$23,148

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