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Find the value of the building reported on the balance sheet

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Question - Epsilon Corporation purchased a building by agreeing to all three of the following terms: (i) paying $90,000 cash on the purchase date of January 1, 2019, (ii) paying $50,000 per year at the end of the year from 2019 to 2028, and (iii) one additional payment of $50,000 ten years from the purchase date. Epsilon's relevant borrowing rate is 10%. Find the value of the building reported on the balance sheet as of the purchase date is closest?

A) $326,500

B) $460,000

C) $287,950

D) $416,500

Reference no: EM132697608

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