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What is the balance of lease liability on January

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Reference no: EM133101317

Question - On January 1, 2021, AA Inc. leased a machine with remaining useful life of 14 years. The lease required 10 annual payments of 100,000 beginning immediately. The lease includes a purchase option of 100,000 which AA Inc. will reasonably exercise at the end of the tenth year. The rate implicit to the lease is 12%. What is the balance of lease liability on January 1, 2021?

Reference no: EM133101317

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