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Wheaton company leased equipment to lombard company under a lewse agreement thatqualifies as a finance lease to lombard. The leased equipment reverts back to Wheaton

Wheaton company leased equipment to lombard company under a lewse agreement thatqualifies as a finance lease to lombard. The leased equipment reverts back to Wheaton at the end of five year lease term. The present value if the lease payments is

740, 000 .

The expected ecnonomicnlife of the asset is seven years. Using the straight

-

line method, what would lonbard recorn annual amortization?

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