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Problem - CDB Ltd., which reports under ASPE and has a December 31, 20X1 year-end agreed to lease equipment with annual payments of $34,000 commencing at the inception of the lease on June 1, 20X1. The company correctly treated this lease as a capital lease and recorded the leased equipment, using a 5% interest rate, at a value of $340,000 at that time.
Required -
1: What amount will the company report for interest payable pertaining to this lease on December 31, 20X1?
2: What amount will the company report for the current portion of the lease obligation on December 31, 20X1?
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