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How much interest expense would sam record for first year

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Question - Sam's Safaris, Inc. leased Jeeps under terms of a $20,000 first payment upon signing the lease. Four equal payments of $30,000 are due on the anniversary date of the lease over the next four years.  The implicit interest rate is 11%. How much interest expense would Sam record for the first year?

Reference no: EM132903681

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