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Question - CCC Ltd. is a lessee that leased equipment for 7 years (equal to its useful life) with payments made at the beginning of each month of $840. The incremental borrowing rate is 6% but the implicit rate is unknown. The guaranteed residual value is $6,720. Assume that the fair value of the asset exceeds the present value of the minimum lease payments.
Required -
1. Find the value of the leased equipment that the company will record at the inception of the lease.
2. Find the value of the leased equipment that the lessee should record at the inception of the lease if the lessee knew that the implicit rate for the lease was 3% and if the guaranteed residual value was instead an unguaranteed residual value.
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