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Question - Rainier entered into the contract on January 1, 2017 for 5 years. Annual rental payments are $100,000 in arrears (that is, 31 December each year). At the end of the lease term, the machine will be returned back to the lessor. Rainier likewise incurred direct cost of $5,550 as direct cost. The economic life of a machine is 10 years. Use the discount rate of 3%.
a. Provide the journal entry for January 1, 2017.
b. Prepare a table of amortization.
c. How much is the present value of lease payments?
d. How much is the interest expense related to the lease for 2019?
e. What amount is the balance of related liability as of December 31, 2019?
f. What amount is the depreciation annually related to the asset?
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