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Jenson Inc. is leasing a property with the following terms:
Payments are $12,000 per year over six years, with the first payment due December 31, 2018.
The economic life of the equipment is eight years.
The interest rate implicit in the lease contract is 6%.
The fair value of the equipment on January 1, 2018, is $63,000.
Problem 1: What asset amount should Jensen Ltd. record on the balance sheet for this lease at January 1, 2018 (rounded)?
a. $63,000
b. $72,000
c. $59,000
d. $74,500
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