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Question - On December 31, 20X1, Davian LLC leased a machine from Cook for a 5-year period, expiring December 30, 20X6. Annual payments of $100,000 are due on December 31. The first payment was made on December 31, 20X2, and the second payment was made on December 31, 20X3. The present value at the inception of the lease for the 5 lease payments discounted at 8% was $386,100. The lease is appropriately accounted for as a finance lease by Davian. (Do not round your intermediate calculations and round final answers to the nearest whole dollar amount)
Required - Compute the December 31, 20X3, amount that Davian should report as a total finance lease liability after the lease payment has been made.
Based on the information below, illustrate the effects on the accounts and financial statements of the Seller and the Buyer. Both use a perpetual inventory system.
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