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Question - Gulf Corp. wants to lease machinery costing $55,000 from Courtland Corp. using a capital lease. The lease would begin on August 1, 2017, and Gulf Corp. would pay all executor costs and assume all risks and rewards of ownership. Gull Corp. has an incremental borrowing rate of 8%, and would like the lease over 4 years. The machinery is not expected to have any residual value after that time period. Gull Corp.'s year end is December 31, amortizes depreciation using the straight-line method, and records part-year depreciation per month, in the year the asset is acquired.
Courtland Corp. agrees with Gull Corp.'s four-year-term request, and offers beginning-of-the-year lease payments of $14,600, or end-of-the-year payments of $16,200. Calculate the NPV (net present value) with payments at the beginning of each period.
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