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Fitbit Ltd has leased a machine on the following terms:
Date of entering lease 1 July 2019
Duration of lease 5 years
Life of asset 6 years
Unguaranteed residual value $40,000
Lease payments inception (at the start) $60,000
Annual payments (5) $65,000
Implied rate 11.0 %
Required:
Problem 1: Determine the Fair Value (rounded off) of the leased asset
Davis Corporation has a sales budget for next month of $600,000. Cost of goods sold is expected to be 30 percent of sales. All goods are purchased in the month used and paid for in the month following purchase.
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