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The company leased a building beginning on December 31 for 10 years that requires annual lease payments of $60,000 with the first lease payment due

The company leased a building beginning on December 31 for 10 years that requires annual lease payments of $60,000 with the first lease payment due immediately on December 31. The market rate of interest for the lease is 6%. Compute the resent value as of December 31 for the bond and the lease liability

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