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Question - Refer to the following lease amortization schedule. The 5 payments are made annually starting with the beginning of the lease. Title does not transfer to the lessee and there is no purchase option or guaranteed residual value. The asset has an expected economic life of 6 years. The lease is noncancelable.
Payment CashPayment EffectiveInterest Decreaseinbalance OutstandingBalance
235,855
1 50000 0 50,000 185855
2 50,000 5,576 44,424 141,431
3 50,000
Required - What amount would the lessee record as annual amortization on the right-of-use asset using the straight-line method?
a. $37,171.
b. $39,309.
c. $47,171.
d. $50,000.
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