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What is the amount of the monthly lease payment

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Question - On January 1, Year 1, X Company leases some non-specialized equipment to Y Company on a non-cancelable lease. The cost to X of the equipment is $250,000, but it's fair value is $300,000. The lease has a useful life and lease term of 10 years. The implicit rate is 10% =, which is also incremental borrowing rate. Payments are due every month, with the first payment due February 1, Year 1. There is no residual value on the lease. What is the amount of the monthly lease payment?

Reference no: EM133053912

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