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Problem 1: On January 1, 2014, Rhyme Co. leased equipment by signing a six-year lease that required six payments of $30,000 due on January 1 of each year with the first payment due January 1, 2014. The equipment remains the property of the lessor at the end of the lease, and Rhyme does not guarantee any residual value. Using an 8% cost of capital, Rhyme capitalized the lease on January 1, 2014, in the amount of $149,781.
Question 1: What is the total amount of lease liability (including interest) Rhyme should report as of December 31, 2015?
A. $ 99.364
B. $107.313
C. $119.781
D. $121,415
Wolf incurred costs of $135,000 in manufacturing the equipment, Prepare all of the lessor's journal entries for the first year
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You are evaluating two different silicon wafer milling machines. The Techron I costs $219,000, has a three-year life, and has pretax operating costs of $56,000.
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