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What is the value of the lease liability

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Question - On January 1, 2018, Field Company entered into a four-year lease for machinery with annual payments of $1,100 due at the beginning of the year. Field also paid initial direct costs of $475 and the implicit rate of interest is 4%. What is the value of the lease liability (rounded to the nearest dollar) at the commencement of the lease?

a. $3,053

b. $3,300

c. $4,153

d. $4,628

Reference no: EM132740730

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