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Business, 15.04.2021 18:40 destiniout04231

On December 29, 20X4, Action Corp. signed a 7-year finance lease for an airplane to transport its sports team around the country. The airplane's fair value was $841,500. Action made the first annual lease payment of $153,000 on December 31, 20X4. Action's incremental borrowing rate was 12%, and the interest rate implicit in the lease, which was known by Action, was 9%. The following are the rounded present value factors for an annuity due: 9% for 7 years 5.5 12% for 7 years 5.1 What amount should Action report as lease liability in its December 31, 20X4 balance sheet

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On December 29, 20X4, Action Corp. signed a 7-year finance lease for an airplane to transport its sp...
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