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Compute the Sunland rent expense for equipment

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Reference no: EM132448238

Problem - On June 30, 2018, Sunland Co. sold equipment to an unaffiliated company for $1700000. The equipment had a book value of $930000 and a remaining useful life of 10 years. That same day, Sunland leased back the equipment at $11400 per month for 5 years with no option to renew the lease or repurchase the equipment.

Compute the Sunland's rent expense for this equipment for the year ended December 31, 2018?

$68400.

$114000.

$273600.

$91200.

Reference no: EM132448238

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