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The Jenkins Corporation has purchased an executive jet. The company has agreed to pay $620,000 per year for the next 10 years and an additional

The Jenkins Corporation has purchased an executive jet. The company has agreed to pay $620,000 per year for the next 10 years and an additional $1,190,000 at the end of the 10th year. The seller of the jet is charging 5 percent interest. Determine the liability that would be recorded by Jenkins.

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