Solution-What initial liability can the boys report on

What initial liability can the boys report on their balance

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Reference no: EM13584601

The Fine brothers (Curly, Larry & Moe) signed a 7 year lease on a new dump truck for their new construction business. They want to report the lease as a long term liability. The lease payments of $1500 are made at the beginning of each month and the interest on the lease is set at 9% compounded monthly.

(a) What initial liability can the boys report on their balance sheet?

(b) How much of the liability will be reduced during the second year of the lease?

Reference no: EM13584601

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What initial liability can the boys report on their balance

Reference no: EM13584601

Reference no: EM13584601

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