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What amount that should be reported by Blossom Corporation

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Reference no: EM132935524

Question - On December 31, 2021, Blossom Corporation leased a plane from Bell Company for an 7-year period expiring December 31, 2028. Equal annual payments of $460000 are due on December 31 of each year, beginning with December 31, 2021. The lease is properly classified as a finance lease on Blossom's books. The present value at December 31, 2021 of the 8 lease payments over the lease term discounted at 11% is $2627610. Assuming the first payment is made on time, what the amount that should be reported by Blossom Corporation as the lease liability on its December 31, 2021 balance sheet?

Reference no: EM132935524

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