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Determine the amount of interest on lease liability

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On January 1, 2014, Atlantic Company enters into an eight-year finance lease agreement for a machinery with Deccan Corporation which requires an annual payment of $65,000, beginning January 1, 2014. The useful life of the machine is ten years. Assuming an interest rate of 10 percent per year, determine the amount of interest on the lease liability from the lease for 2015.

Reference no: EM133272892

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