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On January 1, 2012, Flyover Airlines leased a new airplane for a term of 10 years.The expected life of the airplane is 20 years. There are no rights to purchase the asset at the end of the term, no bargain purchase option, and no residual value guarantee. The lease stipulates that Flyover makes annual payments of $650,000 beginning at the end of the first year.Flyover has an incremental borrowing rate of 2.5% and the fair market value of the airplane on January 1, 2012 is $6,500,000.
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