On january 1 2010 the alice company leases equipment for

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On January 1, 2010, the Alice Company leases equipment for five years, agreeing to pay $70,000 annuallly at the beginning of each year under the noncancelable lease. Superior equipment Company, the lessor, agrees to pay all executory costs, estimated to be $3450 per year. The cost and also fair value of the equipment is $305000. Its estimated life is 10 years. The estimated residual value at the end of 5 years is $64000.

Reference no: EM13606217

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