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StatMed Corporation leases medical equipment under a five year capital lease. The terms of the lease call for five equal payments of $ 29, 000,

StatMed Corporation leases medical equipment under a five year capital lease. The terms of the lease call for five equal payments of $ 29, 000, with the first payment due at the inception. The interest rate implicit in the lease is 11%. At what value is the leased equipment recorded at the inception of the lease?

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