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use the information below to answer the questions for the following lease transactions. The following information refers to a lease agreement that took place in
use the information below to answer the questions for the following lease transactions. The following information refers to a lease agreement that took place in year 1 between two entities. There are 10 payments made annually starting with the beginning of the lease. Tittle does not transfer to the leassee and there is no purchase option or guaranteed residual value. The asset ahs an expected economic life of 12 years. The lease is noncancelable
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