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11-04-2024
Mathematics

Answered

Southwestern Edison Company leased equipment from Hi-Tech Leasing on January 1, 2024. Hi-Tech manufactured the equipment at a cost of $93,000. Other information: Lease term 3 years Annual payments $46,000 on January 1 each year Life of asset 3 years Fair value of asset $126,919 Implicit interest rate 9% Incremental rate 9% There is no expected residual value.

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