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Waterworld Company leased equipment from Costner Company, beginning on December 31, 2024. The lease term is 5 years and requires equal rental payments of $41,500

Waterworld Company leased equipment from Costner Company, beginning on December 31, 2024. The lease term is 5 years and requires equal rental payments of $41,500 starting on the commencement date. The estimated residual value is zero. The appropriate interest rate is 6%. What is the fair value of the equipment

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