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Red Co. recorded a right-of-use asset of $180,000 in a 10-year finance lease. Payments of $29,294 are made annually at the end of each year.

Red Co. recorded a right-of-use asset of $180,000 in a 10-year finance lease. Payments of $29,294 are made annually at the end of each year. The interest rate charged by the lessor was 10%. The balance in the lease payable after two years will be:

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