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Determine the liability that would be recorded by Jenkins

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Reference no: EM132912185

Problem - The Jenkins Corporation has purchased an executive jet. The company has agreed to pay $200,000 per year for the next 10 years and an additional $1,000,000 at the end of the 10th year. The seller of the jet is charging 6% annual interest. Determine the liability that would be recorded by Jenkins.

Reference no: EM132912185

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