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What amount should ferguson record the lease liability

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Point 1: On September 30, 2018, Ferguson Imports leased a warehouse. terms of the lease require Ferguson to make 10 annual lease payments of $69,000 with the first payment due immediately. Accounting standards require the company to record a lease liability when recording this type of lease.

Question 1: Assume 10% interest rate. What amount should Ferguson record the lease liability on September 30, 2018, before the first payment is due?

Reference no: EM132487608

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