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Reporting a Finance Lease Pier 1 0 Inc. entered into a five - year lease and recorded a right - of - use asset and
Reporting a Finance Lease
Pier Inc. entered into a fiveyear lease and recorded a rightofuse asset and lease liability of $ on January Pier Inc. was aware of the lessor's implicit rate of interest of The equipment under lease ha an estimated fiveyear useful life with no residual value. The first lease payment of $ was due upon commencement of the lease.
Show the balance sheet presentation on December and the income statement presentation for the year ended December
Note: Round your answers to the nearest whole dollar.
Note: Do not use negative signs with your answers.
tableBalance Sheet,,December AssetsNoncurrent assets:,,,,RightofUse Asset,widehat$
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