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On July 1, 2017, Kings Financial purchased a printing press for $4,600,000 for the purpose of leasing it. The press is expected to have a 15-year life, no residual value, and will be depreciated on the straight-line basis. The machine was leased to Coupons For Everyone, Inc. on September 1, 2017, for a 5-year period at an annual rental of $500,000. There is no provision for the renewal of the lease or purchase of the machine by the lessee at the expiration of the lease term. Kings Financial paid $50,000 of commissions associated with negotiating the lease in August 2017.

(a) What expense should Coupons For Everyone, Inc. record as a result of the facts above for the year ended December 31, 2017? Show supporting computations in good form.

Reference no: EM132044081

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What expense should coupons for everyone : What expense should Coupons For Everyone, Inc. record as a result of the facts above for the year ended December 31, 2017?
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