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What is the balance of lease liability on December

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Problem - Long live Company entered into a lease agreement for the use at a new machine on January 1, 2020. The lease agreement requires an annual payment of P1.500.000 for five years starting December 31, 2020. Long Live guaranteed a residual value of WILD!!! At the end of the contract. The machine will revert to the lessor at the end of live years. The machine has an economic life of 10 years. The implicit rate for this lease is 16% where the present value at T for five periods is 0.4761 and the present value of an ordinary annuity at 1 is 3.2143. What is the balance of lease liability on December 31, 2020?

Reference no: EM132787822

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