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Rachel Corporation purchased a building by paying $91,000 cash on the purchase date, agreeing to pay $50,200 every year for the next seven years and

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Rachel Corporation purchased a building by paying $91,000 cash on the purchase date, agreeing to pay $50,200 every year for the next seven years and one payment of $101,000 ten years from the purchase date. The first payment is due one year after the purchase date. Rachel's incremental borrowing rate is 8%. The building reported on the balance sheet as of the purchase date is closest to: (FV of $1. PV of $1. FVA of $1, and PVA of $1) (Use appropriate factor(s) from the tables provided.) Multiple Choice O $308,142. O $261,360 $399,142 Multiple Choice $308,142. $261,360. $399,142 $452,400

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