Five-year lease agreement

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Werner Chemical, Inc, leased a protein analyzer on 30th September, 2013. The five-year lease agreement calls for Werner to build quarterly lease payments of $391,548, payable each 30th September, December 31, March 31, June 30, with the first payment at 30th September, 2013. Werner's incremental borrowing rate is 12 percent. Depreciation is recorded on a straight-line basis at end of each fiscal year. The useful life of equipment is five years.

Reference no: EM1374681

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