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Question - The Corp has signed a 5-year lease for new production equipment. The lease calls for annual payments at the start of each year, beginning on the date of the signing as the first payment, of $74,000. The useful life of the machine is 6 years and The Corp will retain title at the end of the lease. The lessor structures leases with an implicit interest rate of 10%. There is no residual value at the end of the lease. How much should The Corp initially record as right of use asset?
A. $308,570
B. $370,000
C. $298,764
D. $444,000
E. $354,518
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