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The following information relates to Wilson, Inc. ' s equipment lease with an inception date of January 1 : Fair value of equipment at lease
The following information relates to Wilson, Inc.s equipment lease with an inception date of January :
Fair value of equipment at lease inception, $
Lease term, years
Economic life of property, years
Implicit interest rate,
Annual lease payment due on December $
Present value of the lease payments, $
The equipment reverts back to the lessor at the end of the lease term.
How much is interest expense on the lease for the first year?
Select one:
a $
b $
c $
d $
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