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How much interest expense should be accrued on december?

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Question - Mega Corporation leases machinery on January? 1, 2016. The lease is for a period of 9 years, which is the useful life of the machinery. The implicit rate of interest is 8% and the Obligation under Capital Lease is recorded at $33,733. The lease requires annual payments of $5,000?, with the first payment due at the inception of the lease. How much interest expense should be accrued on December? 31, 2016?

Reference no: EM132866368

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