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Find the beginning balance of lease liability for year

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Reference no: EM132693215

Problem 1: The Ithaca Company is considering leasing a machine for a period of four years. The cost to buy the machine outright today is $90,000 and the machine has a normal expected economic life of 5 years. The lease payment that is required is based on an annual interest rate of 12% and a residual of $18,000 at the end of the lease. Find the following for year 1 and year 2

Beginning Balance of Lease Liability
Annual Lease Payment
Interest Portion of Lease Payment
Principal Portion of Lease Payment
Ending Balance of Lease Liability

Reference no: EM132693215

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