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Question 27 Not yet answered On December 31, 2021, Harris Co. leased a machine from Catt, Inc. for a five- year period. Equal annual payments

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Question 27 Not yet answered On December 31, 2021, Harris Co. leased a machine from Catt, Inc. for a five- year period. Equal annual payments under the lease are $2,100,000 and are due on December 31 of each year. The first payment was made on December 31, 2021. The five lease payments are discounted at 10% over the lease term. The lease is appropriately accounted for as a finance lease by Harris. In its December 31, 2022 balance sheet, Harris should report a lease liability of Points out of 6.00 P Flag question Select one: O a. $6,240,000 O b. $5,222,400 O c. $5,706,000 O d. $6,340,000

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