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What amount should n report as capitalized lease liability

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Question - N Corp. entered into a nine-year capital lease on a warehouse on December 31, 2013. Lease payments of $33,000, which includes real estate taxes of $1,200, are due annually, beginning on December 31, 2014, and every December 31 thereafter. N Corp. does not know the interest rate implicit in the lease; N's incremental borrowing rate is 11%. The rounded present value of an ordinary annuity for nine years at 11% is 6. What amount should N report as capitalized lease liability at December 31, 2013?

$297,000.

$286,200.

$190,800.

$198,000.

Reference no: EM131979569

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