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Find Babson recorded lease liability on initial recognition

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Question - On January 1, 20x7, Babson, Inc., lease two automobiles for executive use. The lease requires Babson to make five annual payments of 13,000 beginning January 1, 20x7. At the end of the lease term, Babson guarantees the residual value of the automobiles will total 10,000. The interest rate implicit in the lease is 9%. Find Babson's recorded lease liability on initial recognition? Show the solution and explain.

Reference no: EM132800716

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